William Blair sees ATTR-PN market as large enough for two players

After Ionis Pharmaceuticals (IONS) and AstraZeneca (AZN) announced FDA approval of Wainua for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults, or hATTR-PN, William Blair noted that Ionis will launch Wainua in partnership with AstraZeneca in January and receive in the range of low-double-digit to mid-20s percentage depending on region in addition to a milestone payment for the approval. While no list price has been announced, the firm could see Wainua priced at parity to Alnylam’s (ALNY) Amvuttra with an annual list price of about $463,500, but adds that it currently model a “steeply discounted” net price of $291,000 for Wainua to assume considerations for the more prevalent cardiomyopathy indication. The firm, which sees the ATTR-PN market as large enough to support two players, keeps an Outperform rating on Ionis shares.