BerGenBio - Checking its course

With a new CEO at the helm, BGBIO has completed an internal review and outlined its strategic priorities for bemcentinib. Building on impressive Phase II BGBC003 data presented at both EHA and ASH in 2021, a randomised, placebo-controlled trial for second-line AML is due to start H222. We assume the trial will be registrational, but note this is subject to outcomes from its discussions with regulators. In NSCLC, data from the ongoing Phase II BGBC008 trial are expected during H122 and should provide a better picture of bemcentinib’s potential positioning in the second-line treatment setting. Additionally, the company will now also pursue a first-line NSCLC opportunity, focusing on patients with STK11 mutations, and will initiate a Phase Ib in H122. The COVID-19 opportunity remains and in H122 BGBIO will use the EU-SolidAct platform trial to confirm the initial efficacy signals. We value BGBIO at NOK55.7/share.