Jazz Pharmaceuticals: Taking Actio(n) in Rare Epilepsy

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

10 August 2026

Jazz Pharmaceuticals

Taking Actio(n) in Rare Epilepsy

Overweight

JAZZ, JAZZ US

Price (07 Aug 26):$256.56

Biotechnology - Large Cap

We view JAZZ’s announced plan to acquire privately held Actio Biosciences as a

natural fit for its epilepsy franchise and consistent with mgmt’s BD commentary,

including the bullish tone on rare epilepsy last week. We see ABS-1230, which is

in phase Ib/IIa for KCNT1+ epilepsy, complementing JAZZ’s rare epilepsy

pipeline and leveraging the company’s commercial expertise with Epidiolex.

Recall that other epilepsy assets include the KV7 asset brought in from Saniona last

year and JZP047 for absence seizures, which was internally developed at JAZZ.

ABS-1230, is a novel, first-in-class, oral small molecule KCNT1 ion channel

inhibitor targeting an ultra-rare population of ~2,500 US patients with no approved

therapies. It has demonstrated seizure reductions in children with KCNT1

epilepsy, representing early clinical PoC and providing a basis for the ongoing

phase Ib/IIa KYRON trial (NCT07600736), which is designed to serve as a

registrational study. With the potential for a rare-disease type path to market

suggesting very manageable R&D investment and what we see as a clear strategic

fit, we see this deal as a logical extension for Jazz. Stepping back, we continue to

see current levels representing an attractive entry point, with the stock trading at

~10x our ’26E EPS. Reiterate OW.

Deal terms. The transaction includes $820 million upfront plus up to $500

million in approval/sales milestones, which JAZZ expects to fund through a

combination of cash and draws from existing financial facilities.