Piper sees Gossamer Bio partnership as major win for seralutinib in PAH, PH-ILD

Piper Sandler notes that Gossamer Bio has announced a transformative up to $600M with Chiesi Farmaceutici, increasing its pro-form cash to $396M with runway extended beyond the previously guided first half of 2026. Importantly, this partnership expedites commercial preparedness for seralutinib in Group 1 PAH and allows for initiation of a pivotal Phase 3 study in PH-ILD in mid-2025. Piper believes this partnership further increases its probability of success for the development of seralutinib as a best-in-class therapeutic in two blockbuster indications, with Gossamer retaining strategic control within the U.S. The firm has an Overweight rating on the shares with a price target of $15.