Oppenheimer analysts encouraged by Portola Pharmaceuticals' pick for CEO based on his commercial launch experience
Portola Pharmaceuticals Inc (NASDAQ:PTLA) welcomed a has new CEO, appointing industry veteran Scott Garland to lead the biopharma company.
Garland previously has served as a top executive at other biopharmaceutical companies, including Relypsa Inc and Exelixis Inc, and brings his experience in hematology, oncology and hospital-based products.
READ: Oppenheimer lowers price target for Portola Pharmaceuticals after drug trial misses primary endpoint
Oppenheimer analysts approved of the company’s pick, citing his “significant commercial launch experience.”
During his time as chief commercial officer at Relypsa, Garland was behind the launch of Veltassa, a treatment for hyperkalemia, a condition caused by high levels of potassium in the blood. While the initial launch was shaky, the analyst said sales are expected to reach US$500mln in annual sales.
Portola is a commercial-stage biopharmaceutical company with a focus developing treatments for hematologic diseases. It has two drugs approved by the US Food and Drug Administration, Andexxa and Bevyxxa, to treat thrombosis, the medical term for a clot inside a blood vessel.
“PTLA has been plagued by poor execution of the Bevyxxa launch despite FDA approval of Andexxa which is a much more valuable asset, in our opinion. We believe recent events should transition investor focus to Andexxa and away from Bevyxxa,” wrote analyst Jay Olson.
Oppenheimer analysts are hopeful that with new leadership will come a new vision, shifting the focus to its drug Andexxa, which can control bleeding after an anti-coagulant has been administered.
The analyst reiterated an Outperform rating with a price target of US$60.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205378/oppenheimer-analysts-encouraged-by-portola-pharmaceuticals-pick-for-ceo-based-on-his-commercial-launch-experience-205378.html
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