|
Edison Investment Research Limited
London, UK, 17 November 2020 BerGenBio (BGBIO): Initiation - Bemcentinib leading the AXL charge BerGenBio (BGBIO) is a pioneer in AXL biology and the development of AXL inhibitors: selective tyrosine kinase inhibitor (TKI) bemcentinib and functional blocking monoclonal antibody tilvestamab. AXL expression is a negative prognostic marker in most cancers. Its upregulation drives aggressive disease including drug resistant, immune-evasive and metastatic cancers, as well as fibrosis and viral infection. AXL signalling is the essential mediator of EMT and immune suppression. Selective AXL inhibition can prevent and reverse acquired drug resistance and stop immune suppression, potentially augmenting the efficacy of other cancer drug classes. Bemcentinib, an oral once-a-day pill, has demonstrated efficacy in 2L AML and 2L NSCLC, and could be the first selective AXL inhibitor to market. We value BGBIO at NOK59.1 per share.
We value BerGenBio at NOK5.16bn or NOK59.1 per share based on a risk-adjusted NPV analysis. The key drivers are bemcentinib in 2L NSCLC (peak sales $1.2bn, NOK40.7/share) and AML (peak sales $588m, NOK13.3/share) plus COVID-19 opportunity (NOK5.9/share). We add net cash of NOK 777.9m at end-Q320 and net off payments due to Rigel (NOK9.8/share). We do not include tilvestamab in our valuation. Key R&D inflection points in 2020/21 will determine registration pathways.
to Edison's content to receive reports by email. All reports published by Edison are free-to-access and available on the .
About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information please contact Edison: Dr Susie Jana, +44 (0)20 3077 5700 Dr Jonas Peciulis, +44 (0)20 3077 5728 Dr John Priestner, +44 (0)20 3077 5700
Learn more at and connect with Edison on: YouTube
Dissemination of a CORPORATE NEWS, transmitted by EQS Group. |
1148644 17-Nov-2020
