BerGenBio: Promising first clinical data in immuno-oncology
BerGenBio has presented encouraging initial clinical data of bemcentinib (BGB324) as an immuno-oncology agent at the ASCO-SITC Immuno-Oncology Symposium. Bemcentinib (first-in-class specific oral Axl inhibitor) was well tolerated in combination with Merck’s pembrolizumab (Keytruda) in patients treated to date from three different Phase II trials. Also, there is clinical evidence that bemcentinib enhances immune activity. Our base case valuation is unchanged at NOK31.34/share, but increases to NOK50.46/share when we take into account the broader potential of bemcentinib in immuno-oncology.
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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