In July 2024, Pfizer announced that Giroctogenes fitelparvovec had achieved the primary endpoint and key secondary endpoint in Phase III clinical AFFINE. In December 2024, Pfizer released detailed data at the ASH conference. In November 2024, Pfizer also informed Sangamo that it would submit a listing application in early 2025.
Affected by this news, Sangamo Therapeutics' stock price plummeted by 60% after trading, and its current market value is less than $200 million.
Giroctogenes fitelparvovec is one of the core pipelines of Sangamo Therapeutics.
Sangamo could have received regulatory and commercial milestone amounts of $220 million, as well as a sales share of 14-20%, from Pfizer. With Pfizer terminating the partnership, the commercial value of Giroctogenes fitelparvovec remains uncertain.
Abandoning an innovative drug that is about to enter the commercial resolution stage is more likely due to concerns about its future business prospects.
In recent years, competition in the hemophilia field has become increasingly fierce, with FIX/FX bispecific antibodies, TFPI antibodies, and others being approved one after another. The ease of administration for hemophilia has greatly increased, while the approved gene therapy for hemophilia A, ROctavian, such as Biomarin, has performed poorly, with sales of $7.24 million in the third quarter and cumulative sales of $15.52 million in the first three quarters. In this context, it is reasonable for Pfizer to abandon Girocogene fitelparvovec.
<Reprinted from Armstrong>
