TD Cowen ‘disappointed’ Pfizer ended Sangamo collaboration

TD Cowen keeps a Buy rating on Sangamo (SGMO) after Pfizer (PFE) decided to terminate the global collaboration and license agreement between the parties. Sangamo will regain full rights to to giroctocogene fitelparvovec, an investigational gene therapy product candidate for the treatment of adults with moderately severe to severe hemophilia A, in April, but will not receive a “critical” anticipated milestone payment nor a breakup fee, the analyst tells investors in a research note. TD is “disappointed” in Pfizer’s decision, which it says is likely driven by the limited commercial success of BioMarin’s (BMRN) Roctavian. TD awaits additional information from Sangamo on a strategy to shore up its cash runway,