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Biopharma's Antibody Approved as Hodgkin's Lymphoma Treatment in China

Source: Streetwise Reports

September 1, 2021 (Investorideas.com Newswire) "This marks the first regulatory approval of an OmniAb antibody discovery engine-derived antibody since Ligand Pharmaceuticals first acquired the technology in 2016," noted an H.C. Wainwright & Co. report.


In an Aug. 31 research note, H.C. Wainwright & Co. analyst Joseph Pantginis reported that Ligand Pharmaceuticals Inc.'s (LGND:NASDAQ) zimberelimab was approved by China's National Medical Products Administration (NMPA) as a treatment for recurrent or refractory classic Hodgkin's lymphoma. The NMPA granted approval for this OmniAb-derived anti-PD-1 monoclonal antibody to one of Ligand's partners, Gloria Pharmaceuticals, in China.

"This marks the first regulatory approval of an OmniAb antibody discovery engine-derived antibody since Ligand first acquired the technology in 2016," wrote Pantginis.

Also regarding zimberelimab in China, Pantginis indicated, the antibody is being evaluated there as a treatment for advanced solid tumors, too. Already, the NMPA designated it as a breakthrough therapy for recurrent or metastatic cervical cancer.

Ligand's partner, Gloria Pharmaceuticals, has development and commercialization rights to zimberelimab in China via its sublicensing agreement with Ligand's trustee, WuXi Biologics Ireland. As for the Ligand-WuXi agreement, WuXi is to pay Ligand low single-digit royalties on future zimberelimab sales.

Pantginis indicated that zimberelimab is being developed outside of China as well, specifically in North America, Japan and Europe by another Ligand partner, Arcus Bioscience.

"The OmniAb platform continues to present an attractive service to companies," Pantginis wrote. "And with several OmniAb programs under development, we expect a substantial growth trajectory for OmniAb platform-derived business."

In other news, Pantginis relayed, Ligand received a $2-million milestone payment when, in July, the U.S. Food and Drug Administration (FDA) approved Merck's Vaxneuvance, a pneumococcal vaccine using Ligand's CRM197 vaccine carrier protein. Going forward, Ligand will receive a low-single-digit royalty on net Vaxneuvance sales. Pantginis noted that Vaxneuvance's competitor, Pfizer's Prevnar, generated $1.75 billion in sales in 2020.

Vaxneuvance is being advanced, by Merck, for infants as well, given that children under age 2 are particularly at risk for pneumococcal infection. Recent results from Merck's Phase 3 PNEU-PED clinical trial in healthy infants showed Vaxneuvance to meet primary and secondary endpoints, which Pantginis summarized.

When compared to a currently available, 13-valent pneumococcal vaccine, PCV13, Vaxneuvance showed a comparable safety profile. Vaxneuvance also demonstrated noninferiority to PCV13 for all 13 shared serotypes, based on serotype-specific response rates at 30 days following the third dose and at 30 days following the fourth. Vaxneuvance showed immune response superiority over PCV13 for shared serotype 3 and unique serotypes 22F and 33F.

Merck is expected to present, at an upcoming medical conference, complete data from this PNEU-PED trial and from the PNEU-LINK study that is comparing the safety and tolerability of Vaxneuvance and Prevnar in healthy infants.

"With these latest data on hand, along with the recently granted U.S. Food and Drug Administration (FDA) approval [for adults], [Merck] expects to submit a supplementary application to the FDA for the use of Vaxneuvance in children, by year-end 2021," noted Pantginis.

The analyst also pointed out that Ligand's shares are still undervalued despite the company's business model continuing to deliver. Ligand's current share price is about $121.14 whereas H.C. Wainwright & Co.'s target price is $310 per share.

"Ligand's assets, both in house and from partners, are positively advancing towards the clinic and pivotal inflection points and may reach a certain investment verdict promptly," he added.

H.C. Wainwright & Co. rates Ligand Buy.

Disclosures:

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

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