BerGenBio (BGBIO) has announced preliminary data for lead asset bemcentinib, an oral once daily highly selective AXL inhibitor for the treatment of severe COVID-19 infections requiring hospitalisation. In the Phase II ACCORD-2 and BGBC020 trials, treatment with bemcentinib led to numerically fewer deaths versus standard of care up to day 29.

Preliminary analysis of the primary endpoint, time to clinical improvement of at least two points on the WHO nine-point ordinal scale, or live discharge from the hospital, was numerically in bemcentinib’s favour but not statistically significant in this small study with a diverse patient population and demographic. Detailed top-line data are expected in May.

If favourable, we expect an additional global Phase III study will be required before emergency use authorisation. We value BGBIO at NOK4.72bn.

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