Bergen, Norway

BerGenBio is a clinical-stage, biopharmaceutical company based in Bergen, Norway and Oxford, UK. It is developing innovative therapies for aggressive cancers by way of inhibiting the AXL signalling pathway. The lead oncology compound, bemcentinib, is in multiple Phase II trials.

Investment Perspective

BerGenBio is focused on developing bemcentinib in oncology, but an unexpected fast route-to-market has presented. Bemcentinib was selected for the UK Government-funded Phase II ACCORD-2 trial for the treatment of COVID-19. Data from the study is expected in Q3/Q4 20 and bemcentinib could advance rapidly into a Phase III study by end-2020. BerGenBio is planning a pivotal Phase IIb/III study in NSCLC with bemcentinib combined with pembrolizumab, and randomised studies in AML. The cash position of c NOK850m is strong, after raising NOK500m (gross) in May, so it now has the financial resources to advance bemcentinib and the rest of its pipeline appropriately. We raise our valuation of BerGenBio to NOK4.43bn (NOK50.3/share).

Market information

SymbolPrimary exchanges


AXL-erating towards new opportunities
Outlook | 29 Jun 2020
NOK500m raised to drive bemcentinib progress
Lighthouse | 05 May 2020
Bemcentinib fast-tracked into COVID-19 trial
Lighthouse | 30 Apr 2020

Recent News

Interim Phase II clinical and translational data in checkpoint inhibitor refractory NSCLC patients
26 Jun 2020
First COVID-19 patient dosed with bemcentinib in ACCORD trial
02 Jun 2020
Q120 results
19 May 2020
NOK500m raised in oversubscribed private placement
05 May 2020