Argenx has long been a presumed takeover target for drugmakers like Pfizer . The 23 billion euro ($26 billion) Belgian biotechnology company is in an attractive position for many Big Pharma companies like $240 billion AbbVie , which are facing patent cliffs later in the decade. Meanwhile, Argenx is working on cures for rare diseases like chronic inflammatory demyelinating polyneuropathy (CIDP), a rare neurological disorder, as well as well as myasthenia gravis, a degenerative disease. Many of its remedies like Vyvgart, which delivered positive drug trial results on Monday, are likely to reach their peak just as the big drugmakers’ revenues come under patent pressure.
, which are facing patent cliffs later in the decade. Meanwhile, Argenx is working on cures for rare diseases like chronic inflammatory demyelinating polyneuropathy , a rare neurological disorder, as well as well as myasthenia gravis, a degenerative disease. Many of its remedies like Vyvgart, which delivered positive drug trial results on, are likely to reach their peak just as the big drugmakers’ revenues come under patent pressure.
Still, the more successful Argenx becomes the more expensive it will be for a potential bidder. In December 2021, the firm won U.S. approval for its treatment of myasthenia gravis. Since then the company’s shares have nearly doubled, including a 26% bump on Monday thanks to the positive trial results. And with recent biotech sales like Merck’s
purchase of Prometheus commanding eye-watering 75% premiums, a potential bidder could end up paying as much as 40 billion euros for Argenx, or around 40 times its expected sales in 2023 – all for a group that currently doesn’t make an operating profit. Argenx’s drug trial success may give bidders comfort they are not buying a dud, but that reassurance comes with a downside.
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