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Re: AUPHCiti.... Bristol Myers Squibb (BMY.N) - Thinking Through the Implications of a Potential AUPH Acquisition. Buy. North America | Pharmaceuticals | Buy Bloomberg's report of BMY's approach to AUPH looks credible to us on first cut. Lupkynis (oral voclosporin - approved in the US Jan-21) would broaden BMY's immunology footprint in the US. BMY currently has iberdomide (celmod), branebrutinib (BTK), and deucravacitinib (TYK2) all in phase II development for Lupus. Commercially there are synergies with BMY's existing presence with rheumatologists through Orencia. Lupus nephritis also creates an entrée into further business development in nephrology and transplantation. From a commercial perspective, Lupkynis could be co-detailed to rheumatologists with Orencia and potentially deucravacitinib. Outside Lupus nephritis, the drug has a long enough period of exclusivity to allow for potential development in adjacent autoimmune indications. In the absence of proposed valuation, we will defer from commenting on value creation/destruction. Andrew Baum, MD |
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