May. 19 at 7:18 PM
$SGMO Realistically, the most likely outcome for Sangamo—assuming Sandy isn't lying about ST-920—is a structured partnership. Pharma would provide modest upfront ~
$75–100M along with standard development/commercial economics.
The key dynamic would likely be an embedded option structure, where the partner can acquire Fabry program outright at in the several hundred million dollar range if approval + sales come to fruition. This would allow pharma to limit upfront while locking access to the asset.
In that scenario, Sangamo would preserve the broader platform and remain operational, but much of the long-term upside associated with ST-920/Fabry would be stripped from the company because they are distressed.