Wave Life Sciences announced that it has regained full ownership of its GalNAc‑conjugated RNA‑editing candidate WVE‑006 from GSK. The transfer restores Wave’s exclusive rights to develop, commercialize, and license the therapy for alpha‑1 antitrypsin deficiency (AATD), a rare genetic disorder that affects roughly 200,000 people in the United States and Europe.
The original partnership, signed in December 2022, gave GSK an upfront payment of $170 million and the right to pay up to $3.3 billion in milestones. GSK’s decision to return the rights reflects its strategic focus on larger‑scale indications; however, the collaboration continues, with GSK selecting a fourth program in January 2026 and Wave remaining eligible for up to $2.8 billion in milestone payments from the ongoing partnership. Wave’s PRISM platform, which underpins the WVE‑006 candidate, is now fully under its control, allowing the company to accelerate its regulatory strategy and pursue an FDA accelerated‑approval pathway for both lung and liver manifestations of AATD.
Wave’s clinical development schedule remains on track. Data from the 400 mg multidose cohort of the RestorAATion‑2 trial are expected in the first quarter of 2026, while single‑ and multidose data from the 600 mg cohort are slated for later in the year. The company plans to engage the FDA with a potential accelerated‑approval submission, leveraging the robust safety and efficacy signals from the early‑stage data to shorten the regulatory timeline.
Financially, the rights transfer positions Wave to capture the full upside of WVE‑006’s development. The company’s cash and cash equivalents are projected to fund operations through the third quarter of 2028, excluding milestone inflows. The continued GSK collaboration provides a potential $2.8 billion in milestone payments, which could significantly extend the company’s runway and support future pipeline investments.
Analysts have noted that the market reaction to the rights transfer has been positive, citing the strategic shift toward full ownership and the potential for accelerated regulatory progress. The move also reinforces investor confidence in Wave’s PRISM platform and its broader pipeline, which includes programs for obesity, Duchenne muscular dystrophy, and Huntington’s disease.
CEO Paul Bolno said, “Regaining full rights to WVE‑006 aligns with our strategy to bring the PRISM platform to market and to accelerate the development of a first‑in‑class therapy for AATD. We are eager to engage regulators and to bring a transformative treatment to patients who currently have limited options.” GSK’s Chief Scientific Officer Tony Wood added, “Our collaboration with Wave continues to be a strong partnership, and we remain committed to advancing novel oligonucleotide therapies.”
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