J.P. 摩根-美股-生物科技行业-摩根大通生物科技研究：BCMA深度研究-2019.4-99页.pdfVIP免费

MatthewTHolt,Ph.D.212-622-9602matthew.t.holt@jpmorgan.comJ.P.MorganSecuritiesLLCJ.P.MorganBiotechResearchUpdatedBCMALandscapeDeepDiveNorthAmericaEquityResearchApril2019CoryW.KasimovAC212-622-5266cory.w.kasimov@jpmorgan.comJ.P.MorganSecuritiesLLCCarmenAugustine,CFA212-622-8527carmen.augustine@jpmorgan.comJ.P.MorganSecuritiesLLCArunKiranPasumarthy+91-22-6157-5013arunkiran.pasumarthy@jpmorgan.comJ.P.MorganIndiaPrivateLimitedSeetheendpagesofthispresentationforanalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.2WithmultipleBCMA-directedtherapiesmakingtheirwaythroughtheclinicformultiplemyeloma,weareprovidinganupdateonthecompetitivelandscapeandexpectedcatalystsoverthenext12+months.Byourcount,thereare>30BCMA-directedtherapieseitherinoradvancingtowardstheclinicThesecanbedividedintoCARTtherapies(bothautologous&allogeneic)andbiologic-basedapproaches(e.g.bispecifics&antibody-drugconjugates,orADCs)thateachcomprise~50%ofthelandscapeThoughit’sdifficulttocrownonetherapy(orevenmodality)asbest-in-classgiventheearly-stageofdevelopment(evenfollowingaverybusyASH),CELG/BLUE’sbb2121andGSK’s‘916remainneckandneckintheraceforfirst-to-market…Inourview,durabilityremainsthemostimportantconsideration,andwe’llneedtowaituntillate2019/2020(…attheearliest)tohaveabetterunderstandingofhowBCMAtherapiesstackupThatsaid,pivotaldataforbb2121&‘916in2H19arethekey2019catalyststowatch;wesuspectthesewillinformfutureBCMAdevelopment…andthoughinitialdatasetsfromtheseprogramshavesetthebarveryhigh,weultimatelyseeroomformultipleplayers.Wedoseeroomformultipleplayers/modalitieswithintheMMspacegiventheunmetneedinpatientsthatarehighrisk,noteligiblefortransplant,orwhohavefailedseveraltherapiesWeexpectacombi...