Actelion: With U.T. second CRL, selexipag is now an even clearer and greater upside
BUY, Fair Value CHF57 (+12%)
Yesterday United Therapeutics announced that it received a second complete response letter from the FDA for its NDA about treprostinil diolamine for the treatment of PAH with no further details. This means that selexipag, if successful, is likely to address a market that is as we speak still occupied by inhaled and injectable products. Hence should an oral prostacyclin work and it would take a large portion of the pie and probably would also significantly increase the market size. Moreover for Actelion it would be a second big product within the PAH franchise to promote together with Opsumit with very significant marketing synergies to extract. So far it is largely ignored by the market.
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