BergenBio: AXL opportunities opening up
BerGenBio is steadily accumulating compelling clinical data with bemcentinib in non-small cell lung cancer (NSCLC) with pembrolizumab and acute myeloid leukaemia (AML). Its competitive position is being enhanced just as the potential of targeting AXL is being increasingly validated. In NSCLC, bemcentinib appears to significantly boost the activity of pembrolizumab in tumours with normal or no PD-L1 expression. In AML, promising responses have been observed with bemcentinib monotherapy and in combination with low-dose cytarabine (LDAC). BerGenBio is planning to initiate randomised Phase II trials in NSCLC and AML in 2020, though the precise trial design will not be finalised until additional data from the ongoing trials has been analysed. We raise our valuation of BerGenBio to NOK3.31bn (NOK54.20/share).BerGenBio is a clinical stage biopharmaceutical company focused on developing innovative drugs for aggressive, drug resistant cancers. Co.'s lead product, BGB324, is a selective, potent and orally available small molecule AXL inhibitor. It is in Phase II clinical development, as a single agent and in combination with marketed immuno-oncology drugs, in three cancer indications with potential: Acute myeloid leukaemia; Advanced non-small-cell lung cancer and Triple negative breast cancer. Co. is also developing a diversified pre-clinical pipeline of selective AXL inhibitors, including biologics and small molecules.
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