BerGenBio (No_rec, TP: NOK) - Decision to end BGBC016 trial – recommendation and target price withdrawn
BerGenBio announced yesterday that it has decided to discontinue its 1L STK11m NSCLC trial due to the weak preliminary results. We already believed the value of the data would be limited, but this is a significant setback for the company. BerGenBio said that it is entering a new phase, in which strategic alternatives will be explored. As a result of the trial discontinuation, the company’s financial situation, and limited available information on the potential alternatives being explored, we have withdrawn our target price and recommendation.BerGenBio is a clinical stage biopharmaceutical company focused on developing innovative drugs for aggressive, drug resistant cancers. Co.'s lead product, BGB324, is a selective, potent and orally available small molecule AXL inhibitor. It is in Phase II clinical development, as a single agent and in combination with marketed immuno-oncology drugs, in three cancer indications with potential: Acute myeloid leukaemia; Advanced non-small-cell lung cancer and Triple negative breast cancer. Co. is also developing a diversified pre-clinical pipeline of selective AXL inhibitors, including biologics and small molecules.
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