Sangamo Therapeutics plunges after Pfizer terminates partnership

Sangamo Therapeutics

31/12/2024 13:41

** Shares of drug developer Sangamo Therapeutics  SGMO.O 
fall 54.7% to $1.06 premarket
    ** On Monday, SGMO said Pfizer  PFE.N  terminated their
partnership to develop hemophilia A gene therapy, giroctocogene
fitelparvovec
    ** Brokerage Truist Securities says the termination of the
collaboration with Pfizer is "disappointing", as it means the
planned marketing application filing for the gene therapy won't
happen, and SGMO won't receive the expected cash infusion,
leading to cash concerns 
    ** Brokerage TD Cowen says the decision is influenced by the
limited commercial success of BioMarin's  BMRN.O  Roctavian,
another gene therapy for hemophilia A
    ** In July, PFE said the gene therapy for hemophilia A
significantly cut the number of annual bleeding episodes in
patients with the rare disorder in a late-stage study and
performed better than the current standard treatment
    ** The partnership termination is effective from April 21,
2025 - SGMO
    ** SGMO said it plans to explore all options to
commercialize the gene therapy, including seeking a new partner
    ** As of last close, stock has risen 333.3% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))