JP 摩根-美股-生物科技行业-美国生物科技行业深度研究-4-99页.pdf
需积分: 0 6 浏览量
2023-07-28
15:46:11
上传
评论
收藏 4.61MB PDF 举报
www.jpmorganmarkets.com
North America Equity Research
10 April 2019
US Biotechnology
Updated Deep Dive: The BCMA Drum Beats On;
What to Expect Over the Next 12+ Months - ALERT
Biotechnology – Large Cap
Cory Kasimov
AC
(1-212) 622-5266
cory.w.kasimov@jpmorgan.com
Bloomberg JPMA KASIMOV <GO>
Matthew T Holt, Ph.D.
(1-212) 622-9602
matthew.t.holt@jpmorgan.com
Carmen Augustine, CFA
(1-212) 622-8527
carmen.augustine@jpmorgan.com
J.P. Morgan Securities LLC
See page 96 for analyst certification and important disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the
firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in
making their investment decision.
Following ASH and ahead of a busy period for the BCMA space (including two
pivotal data sets and a continuing deluge of earlier-stage data), we wanted to update
our BCMA deep dive (deck attached & linked here). There has been some separation
(as evidenced by a couple program discontinuations), but it’s still way too early to
crown any clear winners. Nevertheless, we believe BLUE remains well positioned. In
our attached SLIDE DECK we include: (1) a comprehensive overview of the BCMA
landscape; (2) detailed data sets updated post-ASH; and (3) comparisons to current
treatments in r/r MM. Bottom line, the BCMA space continues to be competitive with
further data updates starting in mid-2019. However, with a high bar already set,
longer-term durability data (not expected until late 2019/2020 at the earliest) will be
key to any therapeutic/modality differentiation.
BLUE remains well positioned despite the growing wave of competition.
BLUE’s bb2121 CAR T remains in the lead in terms of timing and overall strength
of clinical profile, with pivotal data expected in 2H19 and a BLA filing shortly
thereafter. It is neck and neck with GSK’s ‘916 antibody-drug conjugate (ADC),
with pivotal data also expected in 2H19. At this point, we’re aware of >30 CAR
T/ADC/bispecific programs targeting BCMA, and many will have data over the next
12+ months.
CAR Ts have produced the most compelling data sets to date... Notwithstanding
the normal caveats of cross-trial comparisons, when looking at the data presented at
ASH and more mature data sets, CAR T therapies (e.g., bb2121, LCAR-B38M) have
produced the best results to date, in our view. We see this as a high bar for future
development.
…though it is becoming clearer that not all BCMA CAR Ts are created equal.
Though it is too early to pronounce winners, there is some evidence of separation
between BCMA CAR T candidates (and potentially other modalities) given recent
events. Indeed, both GILD and NVS have discontinued their initial programs and
instead will focus on dual/multi-target approaches.
In the likely event that more than one BCMA therapy makes it to market, we
continue to see room for multiple players. Given the unmet need in patients who
are high risk, not eligible for transplant, or who have failed several therapies, we do
see room for multiple players / modalities within the MM space, though there is the
ongoing commercial question that CARs still need to answer. That said, we believe
that a combination of efficacy, safety, and dosing convenience / combinability will
play a role in the how this plays out in the likely event that multiple therapies make
it to market. We also note that there’s an ongoing push in the clinic to move BCMA
targeted therapies earlier in the treatment paradigm.
剩余98页未读，继续阅读
资源评论
