Oncopeptides (Buy, TP: SEK240.00) - HORIZON data for filing released
On Thursday, Oncopeptides presented the final data from the HORIZON trial, which it will use to file for accelerated approval in Q2. The data was surprisingly strong, in our view. This was the first time we have seen Independent Review Committee ORR and IRC data higher than Physician Review data (very unusual). The IRC ORR for 3x class refractory RRMM patients was 26%, and for EMD patients the ORR was 27%. The side-effect profile was in line with earlier data. We believe the data is strong enough to base approval on. We reiterate our BUY and SEK240 target price.Oncopeptides AB is a Sweden-based clinical development pharmaceutical company, which is primarily engaged in the healthcare industry. The Company focuses on research and development of cancer treatment solutions. The Company's product Ygalo is a peptidase potentiated alkylator, a type of cytotoxic drug that is targeted for use in the treatment of multiple myeloma. Ygalo is an alkylating agent that leverages the overrepresentation of peptidase enzymes in cancer cells to rise the concentration of active cancer fighting molecules in myeloma cells. Ygalo is intended for the treatment of patients with late-stage relapsed and refractory multiple myeloma. Ygalo is administered intravenously and is transported into cells where it is cleaved by peptidase enzymes, which impair transport of its active cancer-fighting agents out of the cell at the same time as driving more Ygalo into the cell.
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