2149 GMT - CSL's deal with Alentis Therapeutics to jointly develop and promote a rare kidney and liver disease treatment is emblematic of its current research and development philosophy, suggests Jefferies. That philosophy focuses on development by buying assets into its pipeline, analyst David Stanton says. The treatment, known as lixudebart, is being evaluated in a Phase 2 trial in patients with ANCA-associated vasculitis and rapidly progressive glomerulonephritis. Jefferies estimates a total addressable market for this illness in the U.S. of $900 million-$1.6 billion annually, adding that is a conservative assessment. "In the longer term, CSL has stated that the business is looking to re-energize its research function," Jefferies says, of CSL's approach. "This will likely take time."