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- Oppenheimer has initiated Gossamer Bio at outperform expressing optimism on seralutinib, its inhaled tyrosine kinase inhibitor for pulmonary arterial hypertension (PAH).
- The firm has a $9 price target (~984% upside based on June 24 close).
- Analyst Andreas Argyrides said that the candidate’s safety and efficacy profile makes it “a preferred choice among severe PAH patients who are not adequately served by currently available therapies,” adding that ~65% of patients take two to three drugs.
- He added that the phase 3 PROSERA study could allow the drug to penetrate other large markets, while a planned phase 3 trial in pulmonary hypertension associated with interstitial lung disease (PH-ILD) in mid-2025 could also add value.
- Under a partnership with Chiesi Farmaceutici, Gossamer has a 50/50 profit split and is also eligible for milestone and tiered royalty payments. Gossamer is responsible for global development and U.S. commercialization.