Collaboration is a critical element to any scientific breakthrough. Due to the complexity of scientific experimentation, companies that are capable of working together with one another have the potential to grow and succeed much faster than isolated competitors. In the pursuit of developing treatments for rare and life-threatening diseases, Fortress Biotech, Inc’s wholly-owned subsidiary Caelum has announced a strategic partnership with Alexion in order to move closer towards the development of CAEL-101 for light chain (AL) amyloidosis.
CAEL-101 is a first-in-class amyloid fibril targeted therapy designed to improve organ function by reducing or eliminating amyloid deposits in patients with AL amyloidosis. AL amyloidosis is a rare systemic disorder that causes misfolded immunoglobulin light chain protein to build up in and around tissues, resulting in progressive and widespread organ damage, most commonly the heart and kidneys.
According to the agreement, Alexion will acquire an equity interest in Caelum in addition to an exclusive option to acquire the remaining equity in the company depending on Phase 2 data for pre-negotiated economics. Alexion is expected to make payments to Caelum of up to $60 million, which will include the upfront, regulatory, and commercial milestone payments in the event Alexion decides to go through with the option.
“This collaboration with Alexion, a global leader in the rare disease field, is a testament to the Fortress team’s expertise in identifying and developing promising treatments to their full potential. Fortress founded Caelum in January 2017 on the potential of CAEL-101, with the goal of improving treatment options for patients with AL amyloidosis. This partnership represents an exciting opportunity for CAEL-101 to help patients, as well as create value for Fortress investors. We look forward to seeing what Caelum and Alexion will achieve through this collaboration while we continue to develop a robust pipeline of compelling product candidates at Fortress.” – Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer
The agreement between Caelum and Alexion is a confirmation of Fortress’ business strategy, which focuses on identifying and targeting high-potential assets. Fortress has over 25 programs in clinical development at this time, including projects in the fields of oncology, rare diseases and gene therapy. This diversified approach to project development is intended to advance individual projects rapidly while mitigating risk for shareholders through asset diversity.
Of the 25 programs in the Fortress Biotech Inc. portfolio, several late-stage developments have shown progress:
- Intravenous (IV) tramadol for post-surgical acute pain
- MB-107 for X-linked severe combined immunodeficiency (X-SCID)
- CUTX-101 (Copper Histidinate) for Menkes disease
- CK-101, a third-generation irreversible mutant selective EGFR, for frontline small cell lung cancer with EGFR mutations
- CK-301, an anti-PD-L1 mAb, for selected recurrent or metastatic cancers
- Triplex for cytomegalovirus (CMV)
- CEVA101 for pediatric and adult severe traumatic brain injury
The company also owns a number of marketed products, including Targadox®, Exelderm®, Cercade®, Luxamend®, Ala-Quin®, Ala-Scalp® and Triderm™.
Following the announcement of Caelum’s partnership with Alexion the stock price of Fortress Biotech Inc. (NASDAQ:FBIO) jumped 53% to open at $2.27 per share after closing the previous day at $1.48.
What Are Analysts Saying?
According to Barchart, Fortress Biotech Inc. (NASDAQ:FBIO) has been given an 88% buy recommendation based on 13 different indicators and currently ranks in the top 1% of all short term signal directions.
According to Market Beat, Three Wall Street analysts have given ratings and price targets for Fortress Biotech Inc. over the last 12 months. Between the three analysts, their 12-month price target is a collective $10.67, suggesting that the stock has a potential upside of 430.68%. The high price target for Fortress Biotech Inc. (NASDAQ:FBIO) is $11.00 and the low price target is $10.00. All three analysts are currently listing a “buy” rating for the stock, resulting in a consensus “buy” recommendation.
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Fortress BioTech, Late Stage Development Progress and Caelum Partnership with Alexion
February 1, 2019 / Traders News Source, a leading independent equity research and corporate access firm focused on small and mid-cap public companies is issuing a comprehensive report on Fortress Biotech, Inc. (FBIO), a biopharmaceutical company dedicated to acquiring, developing and commercializing unique pharmaceutical and biotechnology products.
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The company recently announced a strategic partnership with Alexion Pharmaceuticals to advance the development CAEL-101 for light chain (AL) amyloidosis. CAEL-101 is a first-in-class amyloid fibril targeted therapy designed to improve organ function by reducing or eliminating amyloid deposits in patients with AL amyloidosis. AL amyloidosis is a rare systemic disorder that causes misfolded immunoglobulin light chain protein to build up in and around tissues, resulting in progressive and widespread organ damage, often found in the heart and kidneys.
Copy and paste to your browser may be required to view the report: *REPORT LINK*
Fortress Biotech, Inc. (NASDAQ: FBIO) jumped 53% to a high of 2.27 following the announcement of the partnership with Alexion Pharmaceuticals.
See what analysts are saying about Fortress Biotech, Inc. and its future prospects *READ MORE*
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SOURCE: Traders News