JPM: Ionis Looks Past Kynamro To Profitability
This article was originally published in Scrip
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Three and a half months after Ionis Pharmaceuticals Inc. surprised investors with the news that Sanofi's Genzyme business unit would no longer market Kynamro (mipomersen) for homozygous familial hypercholesterolemia (HoFH), the Carlsbad, California-based biotechnology company revealed that it sold global rights to the cholesterol-lowering drug to Kastle Therapeutics LLC for up to $95m.
Two companies in the biopharma space began trading publicly this week, one to pay off debt, the other to fund an early-stage pipeline.
The biotech is shifting gears after clinical hold on its lead drug was unlikely to be lifted, but the early-stage candidate that it's placing its hopes on is raising red flags for analysts and investors.