William Blair has initiated coverage of Viridian Therapeutics, forecasting that its IGF-1R treatment, veligrotug, will surpass Amgen's Tepezza in the market for thyroid eye disease (TED). This autoimmune condition, characterized by ocular inflammation and swelling, can lead to discomfort and visual impairment. Despite the U.S. TED market's recent stagnation, the introduction of more convenient and safer therapies like veligrotug is expected to stimulate market growth.
Veligrotug presents several compelling benefits over existing treatments, including a reduced number of infusions (five versus eight) and shorter administration times (30-45 minutes compared to 60-90 minutes). Furthermore, a lower overall dosage could lead to an improved safety profile, and the drug appears to demonstrate a quicker onset of action. These advantages are crucial in a market where Tepezza currently generates approximately $2 billion in annual U.S. sales, despite only single-digit penetration in the moderate-to-severe TED segment. William Blair has assigned an Outperform rating to Viridian, with a fair value estimate of $47, anticipating veligrotug's potential approval and commercial launch by mid-2026.
In November, Viridian Therapeutics submitted a marketing application for veligrotug to the U.S. Food and Drug Administration (FDA), requesting a Priority Review that could fast-track its approval. Beyond veligrotug, the firm also points to the significant future potential of VRDN-003, a subcutaneously administered drug currently in Phase 3 trials, with top-line data expected in early 2026. This product, designed for at-home self-administration via an autoinjector, aims for an FDA application by the end of 2026, promising further innovation in TED treatment.
The advancement of treatments for debilitating conditions like thyroid eye disease represents a triumph of human ingenuity and dedication. Companies like Viridian Therapeutics, through their commitment to developing more effective and patient-friendly therapies, exemplify the positive impact of scientific innovation on global health. Their efforts not only offer renewed hope to patients but also drive progress in the pharmaceutical landscape, fostering a future where medical challenges are met with ever more sophisticated and compassionate solutions.