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 steadily accumulating compelling clinical data with bemcentinib in non-small cell lung cancer (NSCLC) with pembrolizumab and acute myeloid leukaemia (AML). Its competitive position is being enhanced just as the potential of targeting AXL is being increasingly validated. In NSCLC, bemcentinib appears to significantly boost the activity of pembrolizumab in tumours with normal or no PD-L1 expression. In AML, promising responses have been observed with bemcentinib monotherapy and in combination with low-dose cytarabine (LDAC). BerGenBio is planning to initiate randomised Phase II trials in NSCLC and AML in 2020, though the precise trial design will not be finalised until additional data from the ongoing trials has been analysed. We raise our valuation of BerGenBio to NOK3.31bn (NOK54.20/share).

Market information

SymbolPrimary exchanges


AXL opportunities opening up
Outlook | 08 Jan 2020
ASH data continues to support AML potential
Lighthouse | 10 Dec 2019
Bemcentinib NSCLC data continues to impress
Update | 19 Nov 2019

Recent News

Preliminary Phase II data from bemcentinib plus LDAC elderly AML trial at ASH 2019
09 Dec 2019
Q319 report
19 Nov 2019
Clinical data from Phase II combination trial of bemcentinib and LDAC trial in elderly AML to be presented at ASH 2019
07 Nov 2019
Bemcentinib meets primary endpoint in first cohort of Phase II NSCLC combination study with Keytruda
06 Nov 2019