Lexicon has ‘only un-partnered asset’ in SGLT2i space, says Piper

After Novartis (NVS) agreed to acquire Chinook Therapeutics (KDNY) for $40 per share in cash plus an additional $4 per share that may be payable through a contingent value right, Piper Sandler analyst Yasmeen Rahimi noted that the firm’s recent talks with a key opinion leading doctor points to “tremendous interest” in SGLT2i combination therapies. The doctor the firm consulted with believes combination therapies, such as atrasentan plus SGLT2i will “ultimately form the foundation” of future treatment of IgA nephropathy, or IgAN, and in that context the firm highlight’s Lexicon’s (LXRX) sotagliflozin as “the only un-partnered asset” in the SGLT2i space. The firm maintains an Overweight rating and $10 price target on Lexicon shares.