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Brookline sees potential upside to outlook for C4 Therapeutics after Biogen news

Brookline notes that the announcement that Biogen (BIIB) is advancing its first candidate from its C4 Therapeutics (CCCC) collaboration towards the clinic supports the firm’s outlook for collaboration revenue for the latter but importantly, offers potential longer term revenue upside for C4 from royalties from this candidate, BIIB142, and IRAK4 degrader. The firm believes the clinical progress with BIIB142, as well as potential development of the second candidate delivered under the Biogen collaboration, offer the potential for very large markets with unmet need. Brookline has a Buy rating on C4 with a price target of $50.

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