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Biogen (BIIB) Partners With Alloy Therapeutics on Antisense Drug Platform

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Key Takeaways

  • Biogen has entered into a multi-target partnership with Alloy Therapeutics to leverage Alloy’s AntiClastic™ ASO technology for developing antisense therapeutics.
  • Financial terms include upfront compensation for Alloy, along with potential milestone-based payments and tiered royalty structures.
  • The partnership builds on an existing relationship dating back to 2020, which initially centered on antibody-based therapies.
  • RBC Capital reduced Biogen’s price target from $233 to $213 while maintaining its Outperform recommendation.
  • Wall Street analysts have established a consensus price target of $210.30 for BIIB with an overweight rating.

Biogen has formalized a strategic partnership with Alloy Therapeutics, securing rights to utilize Alloy’s proprietary AntiClastic™ antisense oligonucleotide (ASO) technology platform for developing therapies targeting several yet-to-be-disclosed disease areas.


BIIB Stock Card
Biogen Inc., BIIB

Under the terms of the arrangement, Alloy Therapeutics will collect an initial payment, with opportunities to earn additional compensation through development and commercial milestones, plus royalty payments tied to any successfully marketed products.

While the two biotechnology firms have maintained a collaborative relationship since 2020, their previous work concentrated on antibody-based treatment development. This latest agreement marks a strategic shift toward genetic medicine applications.

Biogen brings substantial experience to ASO drug development. The company’s Spinraza, approved for treating spinal muscular atrophy, represents one of the commercial success stories in antisense therapy. This new collaboration aims to expand that expertise through Alloy’s technology platform.

Alloy CEO Errik Anderson characterized the partnership straightforwardly: “Biogen is a leader in the space and has made huge contributions to ASO technologies. We view this as validation and an opportunity to build on their experience.”

The collaboration will prioritize three key objectives for Alloy’s platform: increasing therapeutic potency, reducing immunogenic responses, and improving targeted tissue delivery.

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Alloy’s Expanding Partnership Portfolio

Headquartered in Waltham, Massachusetts, Alloy has established a business model centered on collaborative drug discovery and development with biopharmaceutical companies. Since launching in 2017, the company has executed approximately 200 partnership agreements, with over 100 producing licensed therapeutic candidates.

The platform has contributed to 22 drug candidates that have advanced into clinical testing. In 2024, Sanofi entered into an agreement potentially worth up to $400 million to access this same ASO technology for developing central nervous system treatments.

Christian Cobaugh, who leads Alloy’s Genetic Medicine Division as CEO, indicated the Biogen collaboration will enable the company to expand its involvement beyond initial discovery phases into later-stage development activities.

Alloy differentiates itself from typical platform biotechnology companies by focusing exclusively on partnerships rather than developing an internal proprietary pipeline.

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Wall Street’s Perspective on Biogen

From an analyst perspective, RBC Capital Markets revised its price target for BIIB downward to $213 from a previous $233 on April 7, though the firm maintained its Outperform rating.

According to FactSet’s analyst consensus data, the mean price target for Biogen shares currently sits at $210.30, accompanied by an overweight rating across the Street.

BIIB shares declined 2.82% on the trading day when the partnership was publicly announced.

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Crypto World

CME Group to Launch Avalanche and Sui Futures Contracts

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CME Group to Launch Avalanche and Sui Futures Contracts

CME Group is expanding its suite of cryptocurrency futures products, as more traditional finance (TradFi) entities launch regulated crypto trading products.

On Tuesday, CME Group announced plans to launch Avalanche (AVAX) and Sui (SUI) futures contracts on May 4, pending regulatory review.

Market participants will be able to trade both micro-sized and larger-sized contracts, including AVAX futures sized at 5,000 AVAX and Micro AVAX futures sized at 500 AVAX, as well as SUI futures sized at 50,000 SUI and Micro SUI futures sized at 5,000 SUI.

CME expands altcoin futures lineup

The news follows CME Group’s announcement in January of its plans to launch crypto futures contracts tied to Cardano (ADA), Chainlink (LINK) and Stellar (XLM).

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The move is the latest sign that traditional financial firms are broadening their regulated crypto product offerings.

CME Group’s continued expansion of its crypto derivatives suite reflects “growing demand for regulated, institutionally-sound products in this asset class,” said Justin Young, CEO and Co-founder of Volatility Shares.

During an earnings call in early February, CME Group CEO Terry Duffy said the exchange is mulling plans to launch its own digital token that could operate on a decentralized network.

CME Group is the largest derivatives exchange by volume, and reported a record average daily trading volume of 28.1 million contracts in 2025, according to a Jan. 7 announcement.

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Related: Crypto exchanges gain as tokenized commodity market climbs to $7.7B

CME Group prepares to launch 24/7 trading for crypto products

More TradFi entities are exploring ways to issue tokenized investment products with 24/7 trading. CME said on Feb. 19 that its cryptocurrency futures and options products will begin trading 24/7 on May 29.

Unlike traditional stocks and equities constrained to trading hours, cryptocurrencies are natively tradable 24/7 through cryptocurrency exchanges and decentralized venues.

On March 24, the New York Stock Exchange (NYSE) announced it was partnering with tokenization platform Securitize to mint blockchain-based shares of stocks and exchange-traded funds (ETFs), Cointelegraph reported. The initiative is part of its parent company, Intercontinental Exchange’s (ICE) plan for a tokenized securities venue designed for 24/7 trading and instant onchain settlement.

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Meanwhile, crypto exchanges are also venturing into tokenized TradFi products. Coinbase launched 24/7 stock perpetual futures for non-US traders on March 20, offering cash-settled exposure to major US stocks and indices, including Apple and Nvidia.

Crypto exchanges Binance and Kraken have also launched tokenized perpetual futures trading for non-US traders, along with other offshore platforms.

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?

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