BVF Partners

# Signal Note: BVF Partners Initiates $428M Position in Kymera Therapeutics Lampert's concentrated biotech value fund making a substantial 5.5M share entry into KYMR signals conviction in Kymera's targeted protein degradation platform, particularly around its lead candidate KYM-101 (cereblon E3 ligase modulator) for autoimmune conditions. The ~8.7% stake timing likely reflects confidence ahead of near-term clinical readouts or potential partnership validation, given BVF's track record of initiating positions pre-catalysts in underpenetrated indications where capital structures appear misaligned with asset potential.

# Signal Note: BVF Partners Initiates $267M Position in RVMD BVF's concentrated bet on Revolution Medicines signals conviction in the company's RLY001 (seribantumab) franchise, particularly the ongoing Phase 2 data readout expected in NF1-associated neurofibromatosis—a rare, high-unmet-need indication with potential for accelerated approval pathways. The $267M position size (3.4M shares) represents material conviction from a value-focused investor, likely banking on near-term clinical readouts or valuation arbitrage if pipeline validation translates to stock appreciation.

# Signal Note: BVF Partners Initiates $260M Position in MoonLake Immunotherapeutics (MLTX) Lampert's concentrated biotech fund establishing a significant 19.7M share stake signals conviction in MoonLake's lead candidate ML-002, a potential first-in-class CD19/CD20 bispecific for B-cell malignancies currently in clinical development. The ~$260M position size (at current valuation) represents meaningful capital deployment by a manager known for deep due diligence on clinical-stage molecules, likely reflecting confidence in upcoming trial readouts or commercial viability versus existing CAR-T/standard monotherapy options. Key near-term catalysts include clinical data presentations and progression milestones over the next 12-24 months.

# Signal Note: BVF Partners Initiates $242M Position in Structure Therapeutics **Signal:** Concentrated biotech value investor Mark Lampert's $242M initiation in Structure Therapeutics (3.48M shares, ~7.4% stake) suggests conviction in the GPCR modulator platform, likely driven by upcoming catalysts in obesity/metabolic disease or earlier Phase 2 readouts for its lead programs targeting understudied GPCRs. Given BVF's track record on underfollowed clinical-stage assets with favorable risk/reward, this signals potential near-term data inflection or market repricing of pipeline probability of success.

# Signal Note: BVF Partners Initiates $132.4M Position in OLMA BVF's concentrated value thesis entry into Olema suggests conviction in the commercial potential of OP-1250, a selective estrogen receptor degrader (SERD) in development for ER+/HER2- breast cancer, a large indication with limited SERD competition. The timing aligns with anticipated clinical readouts and regulatory milestones that could de-risk the asset or unlock value if comparable to leading SERDs like fulvestrant or emerging competitors.

# Signal Note: BVF Partners Initiates $118M Position in Mirum BVF's substantial entry into MIRM signals conviction in the company's late-stage pipeline, notably obeticholic acid (OCA) for progressive familial intrahepatic cholestasis (PFIC), a rare pediatric liver disease with limited treatment options and potential for accelerated regulatory pathways. The $118M stake (representing ~5% of market cap) suggests confidence in near-term catalysts, likely tied to ongoing clinical data readouts or regulatory milestones for OCA, which has already demonstrated clinical benefit in early studies. Given BVF's track record in identifying undervalued biotech with executable clinical/commercial paths, this positions MIRM as a potential value play dependent on PFIC indication momentum and potential label expansion into adult cholestatic liver diseases.

**Signal Note: BVF Partners Initiates $112M Position in GH Research (GHRS)** BVF's substantial entry into GHRS suggests conviction in the company's Phase 2b GH001 program for treatment-resistant depression (TRD) using psilocybin, with top-line data expected in early 2025. The timing of this $112M commitment (~8.8M shares) likely reflects positioning ahead of this near-term catalyst, given BVF's focus on deep-value biotech opportunities with clinical inflection points.

**Signal Note: BVF Partners Initiates Major XNCR Position** Lampert's $109M entry into Xencor signals conviction in the company's clinical-stage pipeline, particularly Zetasepaim (engineered IgG) for autoimmune indications and early-stage bispecific programs where the company's XmAb platform offers differentiation in Fc engineering. The timing aligns with anticipated 2025 clinical readouts and potential partnerships that could unlock value in a concentrated biotech portfolio focused on risk/reward asymmetry.

# Signal Note: BVF Partners Initiates $103.7M Position in Zymeworks BVF's entry into ZYME signals conviction in the company's clinical pipeline, likely driven by upcoming data readouts for its lead programs: ZW25 (bispecific HER2-targeting antibody in gastric/breast cancer) and ZW49 (HER2-directed cytotoxic conjugate). The $103.7M stake (5.5% ownership at typical ZYME valuations) reflects confidence in valuation recovery if near-term catalysts—Phase 2/3 trial updates expected in 2024-2025—demonstrate clinical efficacy and commercial potential. Given BVF's concentrated biotech value mandate, this suggests the firm views ZYME's risk/reward as asymmetric despite recent equity underperformance.

**Signal Note: BVF Partners Initiates $89.5M Position in Kura Oncology** BVF's substantial new stake in KURA likely reflects confidence in the company's pipeline, particularly ziftivamab (anti-DR5 monoclonal antibody) in combination with chemotherapy for ovarian cancer, which is progressing through Phase 2 trials with potential near-term readouts. The concentrated position by a value-focused investor suggests conviction in either near-term clinical catalysts, partnership potential, or valuation arbitrage relative to pipeline de-risking. Key catalyst timing and clinical stage details should be verified against current trial timelines.

# Signal Note: BVF Partners Initiates $71.9M Position in STOK BVF's entry into Stoke signals conviction in the company's splicing platform, likely driven by upcoming catalysts in its lead program STOK-005 for CDKL5 deficiency—a rare developmental and epileptic encephalopathy with no approved treatments and ~5,000 patients in developed markets. The $71.9M stake (2.3M shares) represents a meaningful commitment for value-focused BVF, suggesting confidence in either near-term clinical data or regulatory pathway clarity, though current share count dilution and cash runway through late 2025 warrant monitoring.

# Signal Note: BVF Partners Initiates $68.9M Position in XOMA Royalty Corp Concentrated value investor Mark Lampert's entry into XOMAP suggests conviction in the royalty portfolio's undervaluation, likely driven by the upcoming commercial ramp of key assets like Mesoblast's remestemcel-L (Alofisel/Stemirac) for inflammatory conditions and potential near-term milestone payments. The $68.9M position size indicates BVF sees asymmetric upside in the royalty cash flows relative to current market valuation, though investors should note royalty plays carry execution risk tied to partnered companies' development timelines and commercial success.

# Signal Note: BVF Partners Initiates $68.5M Position in Abivax BVF's entry into AAVXF signals conviction in ABX464, the company's lead candidate for moderate-to-severe ulcerative colitis, which showed Phase 2b efficacy in 2023 and is progressing toward Phase 3 initiation. The $68.5M stake (508k shares) represents meaningful capital commitment from a value-focused investor, suggesting potential undervaluation relative to pipeline risk/reward, though timing of Phase 3 readout and competitive dynamics (JAK inhibitors, GLP-1s) remain key catalysts.

# Signal Note: BVF Partners Initiates $65.9M Position in Nektar Therapeutics Mark Lampert's concentrated biotech value fund establishing a material 1.6M share position suggests conviction in NKTR's pipeline catalysts, likely centered on BAY 1905254 (MORPHOTEK bispecific) in solid tumors and potentially the company's IO combination programs. The timing may reflect confidence in near-term clinical readouts or valuation reset following previous portfolio underperformance. Watch for 2024-2025 data releases on lead programs as the catalyst trigger for this entry.

# Signal Note: BVF Partners Initiates $62.2M Position in AC Immune (ACIU) BVF's concentrated value thesis entry into ACIU (19.8M shares, ~7.6% stake) signals conviction in the company's tau-targeting Alzheimer's pipeline, particularly **semorinemab (anti-tau monoclonal antibody)** following Phase 2b data. The $62.2M position size reflects confidence in either upcoming regulatory catalysts or significant valuation disconnect relative to peer anti-amyloid/tau combinations entering late-stage development. Watch for upcoming trial readouts and partnership announcements as key value inflection points.