Rigel Pharmaceuticals Collaboration Agreement Initiates Analyst Report Issued by BrokerBank Securities, Inc.
NEW YORK, Feb. 26, 2015 /PRNewswire/ -- Rigel Pharmaceuticals Inc. (NASDAQ-GS: RIGL) discovers and develops small-molecule drugs for the treatment of inflammatory and autoimmune diseases, as well as muscle disorders. The company's research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. It currently has five products in development: fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor expected to enter Phase 3 clinical trials for immune thrombocytopenic purpura (ITP) and a Phase 2 clinical trial for immunoglobulin A nephropathy (IgAN) in the first half of 2014; R348, a topical JAK/SYK inhibitor currently in Phase 2 clinical trials for dry eye; R118, an adenosine monophosphate (AMP)-activated protein kinase (AMPK) activator entering Phase 1 in the first half of 2014; and two oncology product candidates in Phase 1 development with partners BerGenBio AS (BerGenBio) and Daiichi Sankyo (Daiichi), respectively.
On February 23, 2015, Rigel Pharmaceuticals launched research and development collaboration with Bristol-Myers Squibb for its TGF beta-receptor kinase inhibitors for use in immuno oncology-related indications. In response, Rigel shares have surged upon the news and were up 46% at the peak of $3.72 on February 23.
Regarding to the terms of the deal with Bristol-Myers Squibb, market cap of Bristol-Myers Squibb is $100B while Rigel Pharmaceuticals is $224M. With the fact that Bristol-Myers Squibb has just acquired Flexus Biosciences at $1.25B, many possibilities are raised.
An analyst report of Rigel Pharmaceuticals including analyst insights on recent agreement, recommendation and price target is available below. There is no cost obligation to view the analyst brief and recommendation:
http://bit.ly/-RIGL-AnalystReport
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