Acquires mid-stage cancer drug from Genentech
Novogen has in-licensed global rights to the Phase II-ready drug GDC-0084 from Genentech. GDC-0084 is designed to treat brain cancers, including the rapidly fatal glioblastoma (GBM). Novogen plans to initiate a Phase II trial in GBM next year and positive trial results could allow filing for accelerated approval in 2020. The transaction will complement Novogen’s preclinical assets and Cantrixil, which will enter Phase I in ovarian cancer in Q416. Our valuation of Novogen’s existing programme is unchanged at A$112m (A$0.26/share). We value GDC-0084 under two different scenarios at A$11-54m, after accounting for A$35m of anticipated clinical trial costs.
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