Inventiva's NASH Pact In China Represents 'Financially Prudent Pathway,' Says This Analyst

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  • Last week, Inventiva IVA announced a licensing and collaboration agreement with Sino Biopharm's subsidiary Chia Tai-Tianqing Pharmaceutical Group (CTTQ) to develop and commercialize lanifibranor in Greater China
  • Regardless of CTTQ's decision on lanifibranor's clinical development pathway in China, HC Wainwright notes that Sino Biopharm is a vertically-integrated company with substantial R&D, manufacturing, sales, and marketing capability.
  • The analyst regards the collaboration as a financially prudent pathway for lanifibranor's expansion to a major NASH market, given Sino Biopharm's experience as a commercial-stage company in Greater China.
  • HC Wainwright affirms a Buy rating but lowered the price target from $42 to $36 based on the expected enrollment delay for the pivotal Phase 3 NATiV3 trial.
  • The analyst adjusted the projected sales trajectory of lanifibranor for the treatment of NASH to reflect the latest clinical timeline (last patient's first visit in 2H23, and top-line data readout in 2H25).
  • These changes reduced the analyst's projected peak revenues of lanifibranor in NASH to €1.7 billion in 2034 (previously €1.9 billion).
  • Price Action: IVA shares are up 0.26% at $3.93 on the last check Monday.
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