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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Five Prime Therapeutics, Inc.    FPRX

FIVE PRIME THERAPEUTICS, INC.

(FPRX)
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Five Prime Therapeutics In License Agreement with Seattle Genetics

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02/19/2020 | 10:17am EDT

By Michael Dabaie

 

Five Prime Therapeutics Inc. said Wednesday it is in a global license agreement with Seattle Genetics Inc. to develop and commercialize novel antibody-drug conjugate therapies using monoclonal antibodies developed by Five Prime.

Shares rose 9% to $4.80 in early trading.

Five Prime granted Seattle Genetics an exclusive worldwide license to a family of monoclonal antibodies that are directed to a single target and Seattle Genetics will be responsible for research, development, manufacturing and commercialization of ADC products based on these antibodies.

For the multi-product deal, Five Prime will receive a $5 million upfront payment and is eligible to receive progress-dependent development and regulatory milestone payments as well as cumulative commercial milestone payments. Cumulative milestones may reach up to $295 million for the first ADC product developed and commercialized, Five Prime said.

Five Prime said it will additionally receive tiered mid-single digit royalties on net product sales.

On Tuesday, Five Prime said that Bristol-Myers Squibb informed the company that randomized Phase 2 trial testing of the combination of cabiralizumab with Opdivo with and without chemotherapy in patients with advanced pancreatic cancer didn't meet its primary endpoint. Five Prime said Bristol-Myers has no near-term plans for additional sponsored development of cabiralizumab, but will continue to support the evaluation of cabiralizumab in select, ongoing investigator-sponsored trials and may continue to assess future development opportunities.

Wedbush lowered the stock to neutral from outperform and cut its price target to $5 from $12 a share on the announcement the pancreatic cancer study didn't meet its primary endpoint.

Given that Bristol-Myers Squibb will no longer directly support development of cabiralizumab, "we now see little to no value in the asset and are removing the program from our model," Wedbush said.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
BRISTOL-MYERS SQUIBB COMPANY 2.22% 53.99 Delayed Quote.-17.76%
FIVE PRIME THERAPEUTICS, INC. -0.86% 2.31 Delayed Quote.-49.24%
PROSPEROUS FUTURE HOLDINGS LIMITED 1.16% 0.087 End-of-day quote.-2.25%
SEATTLE GENETICS, INC. 4.39% 114.07 Delayed Quote.-4.37%
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Financials (USD)
Sales 2020 22,2 M
EBIT 2020 -99,2 M
Net income 2020 -97,5 M
Debt 2020 -
Yield 2020 -
P/E ratio 2020 -0,90x
P/E ratio 2021 -1,03x
Capi. / Sales2020 3,72x
Capi. / Sales2021 4,23x
Capitalization 82,3 M
Chart FIVE PRIME THERAPEUTICS, I
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Five Prime Therapeutics, I Technical Analysis Chart | FPRX | US33830X1046 | MarketScreener
Technical analysis trends FIVE PRIME THERAPEUTICS, I
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 8,00  $
Last Close Price 2,33  $
Spread / Highest target 372%
Spread / Average Target 243%
Spread / Lowest Target 115%
EPS Revisions
Managers
NameTitle
Bill R. Ringo Chairman & Chief Executive Officer
David V. Smith Chief Financial Officer & Executive Vice President
Helen Collins Chief Medical Officer & Executive Vice President
Franklin M. Berger Independent Director
Peder K. Jensen Independent Director
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