Leerink Partners Remains Bullish on Five Prime Therapeutics (FPRX) Following announced Agreement with BMY

Leerink Partners reiterated an Outperform rating on Five Prime Therapeutics (NASDAQ: FPRX) following an announced exclusive $1.74Bn license and collaboration agreement with Bristol-Myers Squibb Company (NYSE: BMY) for the development and commercialization of FPRX’s CSF1R antibody program.

Analyst Michael Schmidt commented, "This morning FPRX and BMY (OP) announced an exclusive $1.74Bn license and collaboration agreement for the development and commercialization of FPRX’s CSF1R antibody program, replacing the two companies' prior clinical trial collaboration. In our view, the deal is very attractive as it will enable FPRX: a) to fully tap the potential FPA008 in combinations with Opdivo and other agents, and b) to further strengthen and accelerate its pipeline programs with a strong cash position of ~$530M post-deal. We see significant upside to FPRX' current valuation with the stock trading just above cash, driven by advancement of FPA008 in IO combinations, "precision oncology" products FPA144 (anti-FGFR2b) and FP1039 (licensed to GSK [MP]) as well as its new immune checkpoint modulators. Reiterating OP rating on FPRX."

For an analyst ratings summary and ratings history on Five Prime Therapeutics click here. For more ratings news on Five Prime Therapeutics click here.

Shares of Five Prime Therapeutics closed at $16.91 yesterday.

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