Piper says SpringWorks deal suggests Immunome’s varegacestat ‘undervalued’

After SpringWorks Therapeutics (SWTX) and Merck KGaA (MKGAY) announced the companies have entered into a definitive agreement for Merck KGaA to acquire SpringWorks for $47 per share in cash, Piper Sandler notes that SpringWorks’ Ogsiveo would be a direct competitor to Immunome’s (IMNM) varegacestat, which is in an ongoing Phase 3 trial, if both are approved. While the firm doesn’t know how much value was placed on Ogsiveo specifically and compared to Gomekli, it thinks that even 50% value on an enterprise value basis suggests that Immunome trades at a more than 75% discount on varegacestat alone without attributing any value to its early-stage pipeline. Piper maintains an Overweight rating and $21 price target on Immunome shares.