ImmunoGen surges after cancer drug study hits a 'home run'

ImmunoGen

03/05/2023 15:37

May 3 (Reuters) - ImmunoGen Inc  IMGN.O  shares more
than doubled on Wednesday after the company said its
experimental ovarian cancer drug helped extend the lives of
patients in a late-stage trial.  
    The biotech company said the drug candidate, Elahere, also
significantly prolonged the time that a patient lives without
the cancer worsening, when compared with chemotherapy.
    The U.S. FDA had earlier given accelerated approval for
Elahere, based on data from a single-arm trial in patients who
had received at least one prior line of therapy that includes
Swiss-based Roche Holding AG's  ROG.S  Avastin. 
    The data was a "home run" for ImmunoGen and should remove
any doubts that Elahere will get confirmatory approval by the
FDA, Truist Securities analyst Asthika Goonewardene said in note
to clients.    
    The company said it plans to submit a marketing application
in Europe and a supplemental application in the U.S. for the
conversion to a regular approval by the second half of the year.
   Shares of the drug developer jumped to a a near five-year
high of $11.95 on Wednesday, adding roughly $1.75 billion to its
market capitalization. 

 (Reporting by Mariam Sunny in Bengaluru; Editing by Shweta
Agarwal)
 ((Mariam.ESunny@thomsonreuters.com;))