BeOne – ADR: ESMO Abstracts Reinforce Solid Tumor Pipeline Potential

We are encouraged by BeOne's ESMO abstract data and expect more updated data at the meeting for all three assets (CEA-ADC, PRMT5 inhibitor and GPC3x4-1BB bispecific). We are particularly impressed by the 56% ORR and manageable headline adverse-event profile for BG-C477, the CEA-ADC, in high-CEA-expressing pretreated NSCLC patients. The PRMT5 inhibitor data in MTAP-deficient NSCLC also look competitive, with a 32% unconfirmed ORR (13/41) and 68% DCR among 41 efficacy-evaluable lung patients treated at RP2 dose ranges; across all non-CNS tumor types, ORR was 25% (31/126). Efficacy for the GPC3x4-1BB bispecific, which previously delivered an approximately 30% ORR in second-line or later liver cancer at ASCO, appears to be holding up in larger numbers through dose optimization, and the randomized phase III trial is getting underway;