IPN: Kartos Therapeutics acquisition adds ph3 Haemato-Oncology asset

研报英文原文证据摘录

IPN: Kartos Therapeutics acquisition adds ph3 Haemato-Oncology asset

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Natalia Webster, CFA (Analyst)

Charles Weston, CFA (Analyst)

June 29, 2026

Ipsen SA

Kartos Therapeutics acquisition adds ph3 Haemato-Oncology asset

NXT PA: IPN | EUR 162.40 | Outperform | Price Target EUR 148.00

Sentiment: Positive

Summary: This morning, Ipsen announced that it has entered a definitive merger agreement to acquire Kartos Therapeutics, a

clinical-stage biotech developing a late-stage rare blood cancer asset, navtemadlin, for $450m upfront and up to $1.3bn in potential

regulatory and sales-related milestone payments. Top-line phIII data for navtemadlin is expected in 2027 and launch potentially

from 2028. The deal aligns with Ipsen's M&A strategy of looking for late-stage, de-risked assets that complement the existing

oncology portfolio, and the company expects limited dilution to its 2026 guidance and accretion from 2029.

Deal terms: Ipsen has agreed to pay $450m upfront at closing, with Kartos shareholders eligible for up to $1.3bn in additional

milestone payments linked to regulatory approval and sales targets. The transaction is expected to close by end of Q3 2026, subject

to HSR clearance.

Clinical data: Navtemadlin, an oral MDM2 inhibitor for myelofibrosis, is being evaluated in the Phase III POIESIS trial (>600 patients,

>250 sites globally) as an add-on to ruxolitinib in intermediate/high-risk TP53 wild-type myelofibrosis patients with suboptimal

response to standard of care. The clinical rationale is supported by Phase Ib/II data (KRT-232-109) presented at EHA 2023: in

19 patients with suboptimal ruxolitinib response, 42% achieved at least 25% spleen volume reduction (SVR) at Week 24, 32%