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On Monday, June 9, 2025, Agios Pharmaceuticals (NASDAQ:AGIO) presented at the Goldman Sachs 46th Annual Global Healthcare Conference. The company provided a strategic overview, highlighting its promising pipeline and upcoming product launches. Agios aims to establish a multi-blockbuster franchise in classical hematology, focusing on the U.S. market, while addressing challenges such as past hepatocellular injury concerns.
Key Takeaways
- Agios is preparing for the potential launch of PyraKine in thalassemia, targeting two-thirds of the 6,000 adult patients in the U.S.
- The company announced a new European distribution partnership with Avanzanite for PyraKine.
- Agios is advancing its pipeline with several trials and new drug developments, including tebapivat for sickle cell disease.
- Financially strong, with $1.4 billion on the balance sheet, Agios is exploring business development opportunities.
- The management team expressed confidence in their strategic vision and readiness for upcoming product launches.
Financial Results
- Agios reported approximately $1.4 billion on the balance sheet as of Q1 2024.
- Capital allocation prioritizes successful U.S. product launches and pipeline advancement.
- The Avanzanite partnership involves a revenue share agreement, initially favoring Avanzanite until a certain threshold is met.
Operational Updates
- PyraKine’s PDUFA date for thalassemia is set for September 7, 2025.
- A sales force of 40 representatives is trained and ready, focusing on disease education and payer engagements.
- The RISE UP Phase III trial for sickle cell disease is fully enrolled, with results expected by year-end.
Future Outlook
- PyraKine aims to be the first oral therapy for thalassemia, with potential pricing aligned with existing PKD treatments.
- Agios is developing tebapivat as a potent PK activator for sickle cell disease and low-risk MDS.
- The company is actively seeking transformative assets with derisking potential to expand its pipeline.
Q&A Highlights
- Agios emphasized the severity of nontransfusion dependent thalassemia and the need for physician education.
- Hepatocellular injury events have not significantly impacted commercial uptake, due to routine monitoring.
- The RISE UP trial focuses on hemoglobin response and sickle cell pain crises as primary endpoints.
Readers are invited to refer to the full transcript for more detailed insights into Agios’s strategic plans and financial performance.
Full transcript - Goldman Sachs 46th Annual Global Healthcare Conference:
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: Great. Good morning, everyone, and thank you so much for joining us. We’re really pleased to kick off the Goldman Sachs Healthcare Conference with the Agios team. So with us, we have Brian Goff, Chief Executive Officer and Sarah Huens, Chief Medical Officer and Head of R and D and Salveen Richter, I cover the biotechnology sector. And so with that, Brian, let me turn it over to you to start with any opening comments.
Brian Goff, Chief Executive Officer, Agios: Sure. Thanks a lot, Salveen, and you very much for hosting us. Thanks, everybody, for joining in to hear the Agios story. It’s a really exciting year for us. Second half of twenty twenty five, we have at Agios two very significant catalysts.
The first one is we’re actually less now than ninety days away from our PDUFA date, and this is for pyruvate kinase, our novel PK activator, oral activator, for thalassemia, and we’re really excited about this opportunity in front of us. This will be a significant launch opportunity. I’m sure we’ll talk about that. Secondly, by the end of the year, we’re anticipating the readout of our sickle cell disease rise up Phase III trial. And if we’re successful, that means that we have a very unusual and enviable position of having two potential back to back launches, thalassemia this year followed by sickle cell disease next year.
And that really helps us build upon our growing foundation in classical hematology and puts us well on our way towards building a multi blockbuster franchise with PyroKine. The U. S. Is clearly our most important opportunity in front of us. And with that in mind, as we think about access around the world for patients, last year, we were really pleased to announce an agreement with a full service distributor, Newbridge, and this is focused on patients who have thalassemia or sickle cell disease in The Middle East.
And then actually, right now, we’re really pleased to announce that we have signed an agreement with a European full service distributor known as Avanzanite, and they have great experience with rare disease products. This would give them full rights to PyraKind in Europe as well as in Switzerland and The U. K. So it’s a really exciting period, and that’s, from our perspective, a very capital efficient way of us maintaining focus on The U. S.
And making sure that we get those launches right, that we continue to advance our pipeline, but also again making sure that patients have access in other parts of the world. The last thing I’ll just say is we also have beyond pyrokine a mid- and early stage pipeline. And so we have another PK activator, tebapivat, which is a more potent oral PK activator that we’re pursuing in Phase II studies for both sickle cell disease as well as low risk MDS. The low risk MDS phase two trial is already in enrollment now and should be fully enrolled by year end. And the sickle cell phase two study is starting midyear.
And then lastly, earlier in the pipeline, we have a pH stabilizer, phenylalanine hydroxylase, for phenylketonuria. This is known as AG-one hundred eighty one, and we were really pleased to announce a couple of months ago that we’re now advancing into MAD dosing in healthy volunteers. And we have, lastly, AG-two thirty six, which we are pursuing for polycythemia vera, And mid this year, we’re submitting an IND. So we have a lot going on. Second half of the year is a really important time for us, and we’re really excited about what that could mean for Agios and for patients.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: Before we jump into the pipeline, perhaps we can just go a little deeper into this European partnership. Sure. Can you help us understand why you chose this partner and maybe their infrastructural capabilities with regard to owning that European landscape.
Brian Goff, Chief Executive Officer, Agios: Yeah. I I think the key phrase is full service distributor. And so, you know, we always have choices about do we deploy our capital to build up infrastructure outside The U. S. Or do we go with a partner who already has that infrastructure?
And we chose the latter, again, because The U. S. Is such a key priority for us as well as advancing our pipeline. And Avansenite, as I mentioned, they already have experience with rare disease products. This is a company that is growing.
They’re, I must say, quite hungry and enthusiastic for the opportunity with Agios and with PyraKine. And it’s very analogous, as I said, to the setup that we have with Newbridge in The Middle East. And
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: the economics with regard to this transaction.
Brian Goff, Chief Executive Officer, Agios: Yeah. It’s a revenue share agreement. And so in the early stages with Avanzonite, it skewed more in favor of Avanzonite up to a threshold and beyond that than it skews in favor of of Agios. So very economically friendly deal from our perspective.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: So starting with pyrokinin thalassemia, as you noted, September 7 PDUFA here. Can you discuss the outlook for the label and pricing and early launch dynamics?
Brian Goff, Chief Executive Officer, Agios: Yeah. I’ll start, and and maybe Sarah, as we get into a discussion about the clinical trials, add on here. I think the highlight for thalassemia and our pursuit with pyrokind is last year, we were so pleased and proud to read out two statistically significant phase three trials in two very different populations in thalassemia where we achieved significance on all primary and all key secondary endpoints. What that means is we have a potential to establish a series of firsts in thalassemia. This would pyrokine has the potential to be the first oral therapy approved.
This is an opportunity where it’s the first dataset that includes quality of life fatigue specifically with statistical significance for the nontransfusion dependent patients, the first to not only be to have great data for beta thalassemia patients, but also alpha thalassemia patients. And when we looked at the transfusion dependent study, ENERGIZE T, this is the first that establishes up to thirty six weeks of duration and counting for transfusion independence for these patients. So it’s a very unique and compelling opportunity. And from a pricing perspective, I think the best way to think about it is this is still rare. So we’re in the neighborhood of what we already have in terms of pricing with pyruvate kinase deficiency with our current commercialization with pyruvate kinase.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: And can you discuss the key areas of launch preparation and where they stand today?
Brian Goff, Chief Executive Officer, Agios: Sure. We’re very well prepared. In fact, you always want to be ready in case an approval would come early. As I mentioned, the PDUFA date is September 7, and we have already established our commercial infrastructure. We essentially built on what we already had in place for PKD, where pyrokin has been approved since 2022.
And in broad numbers, we roughly doubled the size of the of the sales force to about 40. They’re all in place. They’re all trained. And right now, we’re focused on three key things. One is disease state education to make sure that clinicians well understand the pathophysiology of thalassemia, the complications that can come with this disease, and the fact that these patients need to be actively monitored and managed.
Transfusion dependent or nontransfusion dependent. Secondly, as I said, the commercial teams are in place, and they’re now very active on what we call account profiling, just making sure that we’ve got a really good network and connections with the key treaters have thalassemia patients. And third, we’ve already begun the journey of engagements with payers. This is a well diagnosed, well established disease, about six thousand adult patients in The U. S.
So we know how to deploy. We know the payer composition. And as I said, the team is very well prepared.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: And you’ve spoken to targeting about sixty five percent of patients with the most physician interactions to start. Can you discuss the clinical profile of these patients and how often they interact with physicians?
Brian Goff, Chief Executive Officer, Agios: Yeah. Generally, in within the six thousand, as you noted, our our initial targeting is about two thirds of those patients. And the point of delineation is these are patients who are generally hemoglobin of less than 10. It’ll be a mix of transfusion dependent patients as well as nontransfusion dependent patients who have complications. And remember, nontransfusion dependence is a gradient.
So it might be that right now they’re not dependent on transfusions, but they actually are susceptible to the disease and the complications and might be heading in that direction. I think in the early days, from a pragmatic perspective, these patients tend to have higher frequency of visits with their clinicians, and that gives us an access point to educate both the clinician and have the clinician offer upon approval a new treatment alternative with pyrokinin. And we think that’ll be more of the early going opportunity with launch. One thing I’ll just mention, though, Salveen, is that when we first start, there is always a gap between the prescription enrollment form initiation and when the patient actually starts on therapy, and that can take a few weeks. So we’ve guided that with the data in September, when we think about the fourth quarter of this year, it’s it’ll tend to be, practically speaking, a kind of partial quarter until we get to revenue generation.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: And nontransfusion dependent is a gradient, as you as you mentioned, with physicians in some cases thinking that they’re less severe and thus don’t require as much interaction with the physician. Help us understand how you’re going to educate, you know, in this in this population and and kind of what needs to be done to really kind of have this group emerge as a a viable treatment.
Brian Goff, Chief Executive Officer, Agios: Yeah. Maybe I’ll I’ll look at Sarah just to comment on hemolysis and how devastating thalassemia can be. What and one thing I’ll just say as a lead in is that part of our education is the phrase non transfusion dependent in a way works against the psyche of what the patient is facing, and and we’re gonna work really hard to make sure that that’s well understood.
Sarah Huens, Chief Medical Officer and Head of R and D, Agios: Yes. Indeed. I think and more and more physicians are aware that nontransfusion dependent thalassemia is really bad. And that is also because more and more, we know from natural cohort data that hemolysis is deadly in the long run. So an ongoing hemolytic anemia ultimately leads to iron overload in different organs, a lot of comorbidities, and ultimately early mortality in these patients, and that’s now more and more understood and to the to the point that actually some physicians are now thinking that they really did a disservice to patients by labeling them non transfusion dependent thalassemia because they actually see that in the long run they have a worse outcome.
So the field is evolving. The literature is evolving, and I think this is also where patient advocacy organizations do play a role. And and, for thalassemia, they’re pretty well established.
Brian Goff, Chief Executive Officer, Agios: And this will mean, obviously, this is a kind of classic dynamic in chronic rare diseases where there have been very limited treatment options, and we have a lot of experience at Agios across many rare diseases. And this, this is our moment in many ways to make sure that we we get clinicians to rethink Mhmm. What the journey for the patient can be, what the devastation can be cumulatively over time. And it’s it’s a great opportunity to have potentially a label that covers all patients so the doctor doesn’t have to think too hard about which subsegment. Our goal is based on the data that we have that pyrokine can be appropriate for all thalassemia patients.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: At last year’s American Society of Hematology meeting, you disclosed new cases of hepatocellular injury, which has since been added to the label here. Just help us understand if there’s been any impact to commercial uptake and, you know, overall clinical profile and the viewpoint of physicians.
Brian Goff, Chief Executive Officer, Agios: I think largely, it’s been a nonevent locally when you think about prescribing clinicians. Then we always encourage investors, you know, do your market checks. You’re gonna hear the same thing, which is when a patient is onboarded for the treatment of the hemolytic anemia, naturally, they would go through regular testing, and we’re talking here about monthly testing. In the case of our pyruvate kinase deficiency label for pyruvate kinase, it’s monthly testing for the first six months. The reality is clinicians typically continue well beyond that anyway.
So it’s been a nonevent, and I think the best indicator we have in that regard is we just reported the first quarter results, which included continued growth, lower growth for PKD, but continued demand generation, which shows that, you know, this has been something that’s well in the treatment pattern of how clinicians onboard patients.
Sarah Huens, Chief Medical Officer and Head of R and D, Agios: And then I think from the clinical trial perspective also, the clinical trials just continued. We did not have a dropout or things like that occur post, post this announcement. And from an higher level labeling perspective, this is an event that we, you know, to Brian’s point, you’re able to pick up on very routine lab tests that you can get in any lab. You don’t even have to go to the clinic for that, that all physicians are able to interpret, especially in the context of this disease where there is end organ damage, which includes the liver, and, monitorable and manageable in the sense that you can stop the drug. And what was very pleased about is that all the patients that had an event actually returned back to their baseline.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: Let’s pivot to pyrokind in sickle cell disease where we’re expecting pivotal data late this year. Can you provide a brief overview of the study design and the powering aspects of these trials?
Brian Goff, Chief Executive Officer, Agios: Sure. Sarah?
Sarah Huens, Chief Medical Officer and Head of R and D, Agios: Yep. So as Brian mentioned, with what we are hoping to deliver for patients living with sickle cell disease is a drug that can treat the totality of sickle cell disease. And so you have two big components to this disease, hemolytic anemia and vaso occlusion. And so the trial is designed in such a way that we can deliver endpoints that talk to those two components of the disease. So one of the primary endpoints is a hemoglobin response, and then the other primary endpoint is an analyzed rate of sickle cell pain crises.
So the hemoglobin response is to talk to the anemia, and then the sickle cell pain crisis is to talk to vaso occlusion, which are both very important aspects of the disease. What we have in our key secondary endpoints is a quality of life measure looking specifically for fatigue, because we do know from patients with sickle cell disease that they find the fatigue a very important debilitating symptom of their disease, and they really don’t have anything that can tackle tackle that component component of their disease. So the trial is really designed in such a way to be able to speak to all of those aspects. And, yeah, and so there is an alpha split on those two primary endpoints to be able to transfer dependent on if one or both primary endpoints, hit, we can transfer that associated alpha to the secondary endpoints. The powering assumptions of the the trial is well well powered with for each endpoint, we have more than 90% power, to be able to to deliver to that.
One hundred and ninety eight patients followed for fifty two weeks.
Brian Goff, Chief Executive Officer, Agios: And may I’ll just take the opportunity to to say with pride and to speak to the capabilities of Sarah and her team and, frankly, the product profile that this Rise Up phase three trial was enrolled start to finish. It’s a one year trial in a year, which if it’s not a record in sickle cell disease, it’s a really high bar. And, again, I think that speaks to the excellence of how closely we have continued to work with the community on the design of the study, the enrollment of the study. Frankly, we’re already thinking about how we appropriately commercialize with success. But it also speaks to how appealing this potential profile is in the eyes of both investigators and patients.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: In the in the phase two trial here, you did show a significant improvement on hemoglobin response. How does that translate to vaso occlusive or or, you know, pain crises here as we look to the translation in the phase three?
Sarah Huens, Chief Medical Officer and Head of R and D, Agios: So we’re so we do not think necessarily that one endpoint is dependent on the other. So the hemoglobin response, the read through from that endpoint is related to the read read through in the phase three. We did also, of course, look at sickle cell pain crisis in the phase two, and there we saw dose dependent reduction in sickle cell pain crises for a hundred milligrams BID against placebo and then fifty milligrams BID against placebo over that short duration. That together with data from other ongoing investigator sponsored trials further supports us exploring this endpoint in the phase three. And speak to your confidence based on the trial design and and hit and your prior data and hitting both endpoints.
So the prior data is very, very supportive of our phase three trial design, and so we’re very much looking forward to the end of the year. But in addition, I think for sickle cell disease, it’s really important to think about the logistics of the trial. So we have tried to, based on lessons learned from other sickle cell disease programs, keep a lot of consistency between how we ran the phase two and how we ran the phase three, which goes into, you know, using exactly the same definitions, exactly the same inclusion exclusion criteria. So the patient population is not all of a sudden a different type of patient population. Up to the adjudication committee, same people are assessing the the endpoint, things like that.
Are we try to keep that as consistent and stable as possible. And if
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: the study hits on hemoglobin response but not on vaso occlusive crises, walk us through what this means from both a regulatory standpoint but a commercial standpoint more importantly.
Sarah Huens, Chief Medical Officer and Head of R and D, Agios: So this is because the vaso occlusion endpoint for any program is a little bit more risky endpoint than a hemoglobin response, especially because this is our third program specifically looking at hemoglobin. This is why we build in a fatigue endpoint because fatigue can speak to how patients feel, and that is from a regulatory endpoint definition really important that you have an endpoint that can speak to how a patient feels and or functions and or survives. And then on top of that, as we mentioned earlier, fatigue is really important for the patient population itself. So that’s why we do also believe that when you have a drug that can actually make people feel better because they feel less fatigued, and you have a trend on vaso occlusion in the context of a landscape where there’s really nothing for sickle cell disease patients, that that would be a very viable and good option.
Brian Goff, Chief Executive Officer, Agios: Yeah. And I think oftentimes in venues like this, what gets lost is you know, we get into the details of the trial, and Sarah just nicely outlined that there are multiple pathways. It’s a really thoughtful, well designed trial. What gets lost, though, is this is a fatal disease. And when you spend time in this community, you realize just how desperate they are for new treatment options.
The the average life expectancy is in into the early forties, which, as you hear it, is pretty shocking and sometimes gets lost in the the nuances of sickle cell. And so we’re really excited about we’re not that far away, but we’re really excited about the potential to finally get the data readout. ’ve always strived for a so called hemoglobin plus profile, and we have more than one pathway to get there.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: Moving to the earlier stage pipeline, so tebapivat, your next generation PK activator, Can you speak to how the profile is differentiated from pyrokine, but then also the data that’s been presented to date and when we can expect that Phase IIb data?
Brian Goff, Chief Executive Officer, Agios: Yes. I’ll let Sarah speak to the data itself. But first, at a strategic level, what an advantage from our perspective to have not one but two pyruvate kinase activators. And for us, the ambition in the case of sickle cell disease is to build a lasting and growing franchise. We just, you know, talked about how devastating this disease is, how many different therapeutic options are ultimately needed, and here we have a great opportunity to do just that.
And in the case of low risk MDS, really pleased with the fact that we’re already actively recruiting and will be fully recruited by the end of the year for our Phase IIb study. This is a rapidly growing market with, again, very few treatment alternatives, in fact, none, that are oral therapy. And so we’ve got two different pathways that are very exciting for tebipivat. And maybe, Sarah, you can just talk about high level, the profile differences.
Sarah Huens, Chief Medical Officer and Head of R and D, Agios: Sure. So it’s a more potent PK activator, so we need to get less milligrams to actually get to similar pharmacodynamic effect. In addition, mitapivat had weak in vitro aromatase inhibition that was dialed out out of the nine four six or debativat compound. And because of the more potency and the we we also can give it once a day instead of twice a day. So those are really the big the big differences.
We in regards to the data for sickle cell disease, we’ve generated phase one data that does show a good hemoglobin response. So and, you know, based on what I just outlined earlier that it’s it’s truly a devastating disease, this is really a PK activator worth exploring for sickle cell disease, and that’s exactly what we’re doing now in the phase two to learn more about the molecule there. And then for MDS, we because that is a different a little bit of a different type of anemia, we have to bridge it to thalassemia, which also has a big ineffective erythropoiesis component. We decided to go very carefully with a very slow not very slow, actually, a very rapid, but a small phase two a study in which we tested just one dose to really understand what what the drug could do. And we learned there that we for MDS, there is a more fast metabolism of the drug in MDS patients.
So we were able to adapt our phase two b to explore different doses, and that’s exactly what we’re doing now. So we’re very eager also, again, to get to the end of the year because that’s when we’re targeting full enrollment for for that study.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: When you look at the the sickle cell programs here with mitapivat, but you’re second generation. Can you just overlay the datasets that you’ve seen to date at the same period of time just to help us understand what’s playing out clinically?
Sarah Huens, Chief Medical Officer and Head of R and D, Agios: So for mitapivat, we have datasets in pyruvate kinase deficiency, thalassemia, sickle cell disease, and then investigator sponsored trials in hereditary spherocytosis. So all of those are hemolytic anemias in which we’ve seen consistently a good hemoglobin response and actually people, really feeling better. So we have that for PKD in the label. For thalassemia, we have, now the phase three also highlighting that we can statistically significantly improve fatigue. There is going to be data presented at EHA from our investigators on the the other hereditary spherocytosis trial.
So it’s just a lot of data, a lot of exposure. It’s just at a very different phase of development. Tebapivat is earlier in its development phases, so we’re in a phase two both for MDS and for sickle cell disease. For sickle cell disease, it’s where you can compare the data, much smaller dataset, but we do see a good real good hemoglobin response in the phase one that allows us to see if we can to learn more about that drug. But, again, it’s just a different phase of development, that debativa just needs to work a little bit more to get to the same type of exposure so we can do that overlay better.
Brian Goff, Chief Executive Officer, Agios: Just maybe two other points I’ll make in terms of strategic advantages of having two different PK activators, and you referred to it Salveen as second generation. We don’t necessarily call it that. It’s another PK activator that we can we can develop differently. But first, when you think about from in The US from an IRA perspective, these are both oral therapies. It positions us really well.
We’ve essentially saturated the pursuits indication wise with pyruvate kinase. We feel really good about the opportunities in front of it. And now we can continue to develop tebipivat as well independently. And the second comment I’ll make is from a patent perspective, you can think of the life cycle of mitapivat pyrukine into the mid 2030s, and in the case of tebipivat, carries into the early 2040s. So there’s there’s a number of advantages with the setup on our way to building this multibillion dollar franchise.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: And highlight for us when you look at your pipeline outside of of the PKD drugs, what you’re strategically kind of most excited about both from a data standpoint, but also just as you see your vision of becoming this, you know, multimodal rare disease company, how you’re going to prioritize.
Brian Goff, Chief Executive Officer, Agios: Yeah. Well, first, I’ll say we’re really proud of the foundation that we’re building in classical hematology. And we’ve got you know, we’ve already discussed three different hemolytic anemias. We’re continuing to look at other areas that we could continue to expand, whether it’s with our PK activation franchise or other opportunities. Beyond that, as I mentioned, we have two other earlier stage compounds in our pipeline.
One is outside of classical hematology, which is AG one a one for phenylketonuria, and this is yet another this comes from our cellular metabolism roots, but it’s another disease that is desperate for innovation, very limited treatment options for these patients. And as I mentioned, we’re in mad dosing in healthy volunteers, but over time, we look forward to finding the results of one eight one in PKU patients.
Sarah Huens, Chief Medical Officer and Head of R and D, Agios: Mhmm.
Brian Goff, Chief Executive Officer, Agios: And then back in classical hematology, another area that we’re excited about is polycythemia vera, and this is with our AG two thirty six. This is the asset that we in licensed a couple of years ago from Alnylam. It’s a TMPRSS6 inhibitor. And as I mentioned, we are filing an IND mid this year, and that’s going to put us on a journey to into a potentially much larger patient population, which, again, needs new therapeutic options.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: And to close here, could you just speak to your balance capacity and interest in doing business development to grow the portfolio?
Brian Goff, Chief Executive Officer, Agios: Sure. Happy to. We’re positioned very well. As of the end of the first quarter of this year, we reported approximately $1,400,000,000 on the balance sheet. And we’re really clear on our capital allocation priorities.
The first, as I mentioned, is getting the launches right, particularly in The U. S. And again, that’s why we’ve done these partnerships outside The U. S. Secondly, advancing the pipeline that we just spent time discussing, which we think can create a lot of value for our shareholders.
And third is continue to expand and diversify the pipeline. From a business development criteria, the way we look at it is, first, we want transformative or assets that have transformative potential for patients. We love the concept of derisking early. If it’s got a low, you know, entry point that’s appealing for us, and we have a great example of that with AG two thirty six, as I mentioned, that a couple years ago we in licensed from Alnylam. And anything that has a well established regulatory pathway, though I will say we’re not intimidated by our creativity in Sarah’s organization on with rare diseases on shaping what that regulatory pathway could look like.
I think in this environment, like everybody, we’ll continue to be very disciplined about what we bring into the organization and when, but you know, we do see opportunities that could very well fit into the Agios foundation that we’re building as well as our exciting capabilities.
Salveen Richter, Biotechnology Sector Analyst, Goldman Sachs: Great. Well, with that, thank you so much for
Brian Goff, Chief Executive Officer, Agios: your very much, Salveen. Thanks, everyone.
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