Edison Investment Research Limited
London, UK, 23 August 2021
BerGenBio (BGBIO): Advancing towards pivotal studies
BerGenBio (BGBIO) has made continued progress in H121 in advancing the development of lead asset bemcentinib (an oral, once-a-day, highly selective AXL inhibitor). A deluge of data presentations from Phase II studies in COVID-19, AML and NSCLC continue to highlight the broad potential of this first-in-class treatment. Discussions with regulators are ongoing regarding a pivotal study in relapsed AML in combination with LDAC, which could enable potential approval and launch in 2024. COVID-19 presents a potential opportunity to expedite bemcentinib's route to market in 2022. Discussions with regulators will determine the next steps following top-line data from two Phase II trials. We value BGBIO at NOK4.91bn.
We value BGBIO at NOK4.91bn or NOK 55.8/share vs NOK4.72bn or NOK53.8/ share previously. We have rolled forward our model and reflect net cash of NOK572.8m at 30 June 2021. We have updated our financial forecasts to reflect H121 results and increased R&D expenses (FY21: NOK228.8m vs NOK205.9m, FY22: NOK233.4m vs NOK216.2m) due to growing clinical trial activities.
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