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Oppenheimer On Upcoming BioMarin Panel: Efficacy Concerns Circulate

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Oppenheimer On Upcoming BioMarin Panel: Efficacy Concerns Circulate
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  • Last Friday, the FDA released briefing documents for a BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) meeting regarding drisapersen (Kyndrisa) scheduled to take place on Tuesday; the documents focused on efficacy concerns and dystrophin data.
  • In a report issued Friday, Oppenheimer analysts assured they continue to envision an accelerated approval of Kyndrisa, but are not as bullish with respect to the market.
  • In another report issued Monday, experts Christopher Marai and Michelle Gilson shared some thoughts after a more detailed analysis of the documents.
  • Oppenheimer analysts Christopher Marai and Michelle Gilson analyzed recently released Kyndrisa briefing documents ahead of a company meeting scheduled for Tuesday. “Documents suggest safety signals, while not a deal killer for accelerated approval, will need monitoring and hurt Kyndrisa in the market vs. competitive eteplirsen (especially with blackbox warning),” the experts commented.

    Meeting Expectations

    The experts expect “content and expert commentary for the panel to start on a high note, followed by a difficult discussion on dystrophin and statistics, with a moderately positive patient session to conclude with a narrowly positive overall tone (and possible vote).” They anticipate the benefit risk clinical perspective summary will also have a positive tone.

    Related Link: Here's Why Sarepta Is Skyrocketing While BioMarin Is Falling

    “Briefing documents suggest that FDA could be amenable to accelerated approval based upon positive P2 study ('117) (p=0.014, 6MWT 35m-benefit at 25 weeks). However, we are concerned about potential expectation bias due to injection site reaction in this study, noting BMRN's analysis only addresses the 48-wk time point, not the P2 primary endpoint at 25 weeks,” they expounded.

    Expert Commentary Ahead Of Panel 'May Not Be Relevant'

    The FDA seems to be implementing FDASIA in DMD therapeutic review. This suggests that the regulatory landscape has changed, with focus shifting toward “patients' needs, unmet need and regulatory flexibility.”

    In fact, the FDA had noted in previous occasions that it is “putting further emphasis on meaningful clinical outcomes and trends for rare diseases/unmet needs vs. statistical benefit on endpoints.”

    Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

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    Latest Ratings for BMRN

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    Nov 2016PiperJaffrayDowngradesOverweightNeutral
    Nov 2016Deutsche BankInitiates Coverage OnBuy

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