Chugai Pharmaceutical (4519) – Positive Readthrough from US Tecentriq Data
It’s not easy to be an attractive Japanese pharma stock these days. Whatever one thinks about the lack of value in Chugai’s shares, however, there’s little getting away from the quality of Chugai management’s execution. There have been almost no hiccups in the firm’s delivery of pipeline assets to market, and news flow this year, be it on Alecensa, Hemlibra or even on late-stage pipeline assets such as SA237, has been consistently positive. If there have been issues, they have involved the drugs coming from parent Roche (ROG SW), which have not had this consistent success.
With that in mind, it is significant that Tecentriq performed well in its recent trial in combination with Avastin and chemo. Although available elsewhere in the world, in Japan Tecentriq (atezolizumab) is still at the “filed” stage for NSCLC, and so any drug trial news anywhere has potential significance, either positive or negative. News that top-line trial (IMpower150) data showing Tecentriq combined with Avastin and chemotherapy provided a statistically and clinically meaningful reduction in the risk of lung cancer disease worsening, compared with a regimen of Avastin+chemo, is important for Chugai as well as Roche; and Roche’s shares jumped 6% (Nov 20th) on the news.
Chugai Pharmaceutical is a pharmaceutical company. Along with its subsidiaries, Co. is engaged in the research and development of new prescription medicines and the subsequent manufacturing, marketing and distribution activities. Co. sells its pharmaceutical products to the nationwide appointed stores in Japan, as well as in overseas, such as Germany, the U.K., France, Taiwan, China, South Korea and the U.S. Co., through its subsidiaries, is also involved in the management of research facilities, and the research on drug discovery, as well as the provision of literature research services for pharmaceutical information, and pharmaceutical academic information.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
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