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CSL signs Alentis deal for claudin1 drug, shares trade near A$177

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CSL announced an exclusive global partnership with Alentis to develop and commercialise lixudebart (claudin-1), paying US$355m upfront and funding development, with profit-sharing 55/45. The asset is in Phase 2 for a rare autoimmune kidney disease, so near-term financial impact is uncertain, but it signals continued pipeline investment and strengthens CSL's nephrology strategy alongside margin-recovery efforts in plasma-derived therapies.
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CSL Limited said it has struck a drug-development partnership with Alentis focused on an investigational claudin1-targeting therapy now in a Phase 2 trial for a rare autoimmune kidney disease. CSL will pay US$355 million upfront and fund the planned development program, while the companies would split global profits 55% to CSL and 45% to Alentis if the treatment reaches the market. CSL shares were trading around A$177 on Tuesday, implying a price-to-earnings multiple of just under 20 times FY27 consensus earnings per share of A$8.99, falling to about 17.5 times based on FY29 EPS of A$10.08.