H.C. Wainwright says Sanofi’s (SNY) strategic investment of $27M into Ventyx Biosciences (VTYX) at a 66% premium indicates interest in VTX3232. While this deal is positive from an interest standpoint, the $27M is less than one quarter in operating expenses for Ventyx and does not commit Sanofi to partnering on the program or licensing VTX3232 from the company, the analyst tells investors in a research note. The firm keeps a Neutral rating on Ventyx with a $6 price target.
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