Recruitment to first stage of TNBC Phase II completed ahead of schedule
Lighthouse | 19 February 2018
Trinity Delta view: The completion of recruitment to the first stage of this trial highlights the clinical interest in the combining bemcentinib and pembrolizumab and provides an insight into the commercial potential of the combination.Oncology research is increasingly focused on increasing the proportion of patients that benefit from treatment with PD-1/PD-L1 monoclonal antibodies, such as Merck’s pembrolizumab, and preclinical studies suggest that bemcentinib by selectively inhibiting the Axl receptor should work synergistically with PD1 inhibitors (see Initiation note from 4 January for further details).
The commercial interest in products that augment PD1/PD-L1 responses is demonstrated by the Nektar/BMS collaboration deal signed on 14 February, based on only early clinical data, in which Nektar is receiving an upfront payment of $1.85bn. This shows the kind of deal that BerGenBio could potentially sign, depending on the clinical efficacy data with bemcentinib, the first of which is expected at the ASCO meeting in June.
We value BerGenBio at NOK2,519m ($296m) or NOK50.46/share. We note that are valuation only includes potential upfront and milestone payments of $400m to be conservative.
19 February 2018
|Market Cap (NOKm)||2,401|
BerGenBio is a clinical-stage, drug development company based in Bergen, Norway and Oxford, UK. It is developing innovative anti-cancer therapies that act on the promising Axl signalling pathway. The lead oncology compound, BGB324, is in a number of Phase II trials.
Mick Cooper PhD
+44 (0) 20 3637 5042
+44 (0) 20 3637 5041
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