Top an­a­lyst maps a rocky road for Ver­tex — un­less they adopt a $10B M&A cam­paign to save the pipeline

Af­ter re­peat­ed­ly pok­ing Ver­tex $VRTX ex­ecs with point­ed crit­i­cism of their R&D strat­e­gy, top SVB Leerink an­a­lyst Ge­of­frey Porges is now turn­ing up the heat to a full-scale roast­ing.

In a note out ear­ly Mon­day morn­ing, Porges spot­lights the im­pact of Ver­tex’s re­cent fol­low-up fail­ure on AATD — their treat­ment hit the end­point but missed on com­mer­cial prospects — rewrit­ing his rec­om­mend­ed sce­nario for CEO Resh­ma Ke­wal­ra­mani as she grap­ples with the set­back.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER