Horizon still has a mountain to climb

The anti-CD40 ligand project dazodalibep might not have been the main driver behind Horizon’s $3bn purchase of Viela Bio. But the group has managed something the likes of Novartis failed to do, by getting a mid-stage win with this mechanism of action.

That win came in Sjögren’s syndrome, an autoimmune condition with no approved therapies that some on the sellside reckon could represent a $4bn market. Other CD40 hopefuls are also taking aim at the disease, so Horizon will have to make the most of its head start.