Hansoh Pharma - H: Read-through from Merck/Daiichi B7-H3 ADC BLA Withdrawal

We think Merck/Daiichi's voluntary withdrawal of the U.S. BLA (biologics license application) for their B7-H3 ADC ifinatamab deruxtecan (I-DXd) in previously treated ES-SCLC is incrementally positive for Hansoh/GSK's Ris-Rez (GSK, UW) from a competitive-timing perspective. The withdrawal followed FDA discussions that the supporting data, including Ph2 IDeate-Lung01, did not meet the requirements for accelerated approval. I-DXd's first-mover advantage is reduced, with a delay in its near-term U.S. regulatory path;