Biogen and Sangamo collaborate for hemoglobinopathy treatment development Biogen (BIIB) and Sangamo (SGMO) announced an exclusive worldwide collaboration and license agreement focused on the development of therapeutics for hemoglobinopathies, inherited conditions that result from the abnormal structure or underproduction of hemoglobin. Sangamo is responsible for all research and development activities, and both companies will perform activities to enable submission of an Investigational New Drug Application for SCD. Biogen will provide Sangamo with an upfront payment of $20M and will reimburse Sangamo for its internal and external research and development program-related costs. Sangamo may also receive additional payments of approximately $300M based on the achievement of certain milestones, as well as double digit royalties on product sales.
Biogen price target lowered to $400 from $425 at Credit Suisse Credit Suisse lowered Biogen's price target to $400 from $425 based on Gilenya PPMS risk but retains its Outperform rating based on the quality of earnings growth and pipeline.