Edison Investment Research Limited
London, UK, 25 August 2021
BerGenBio (BGBIO): Martin Olin succeeds Richard Godfrey as CEO
BerGenBio (BGBIO) has announced the appointment of a new chief executive officer (CEO), Martin Olin, with effect from 8 September 2021. Martin Olin has more than two decades of executive experience in the pharmaceutical and biotechnology industry and previously served as CEO of Symphogen, a clinical-stage biotech developing monoclonal antibody based treatments for a variety of cancers, prior to its acquisition by Servier in 2020. While the timing of this announcement does come as a surprise, we do not expect any disruptions to the current business strategy which the board has always been supportive of. Our valuation of BGBIO is unchanged at NOK4.91bn or NOK 55.8/share.
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 (combined data was recently presented at ECCMID). We expect an additional global Phase III study will be required before approval.
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