Rejection of Lilly's cancer drug likely to cast shadow on EQRx's drugs - Jefferies

McEwen

24/03/2022 17:38

** Jefferies says FDA declining to approve Eli Lilly's
 LLY.N  cancer drug could cast a shadow on EQRx Inc's  EQRX.O 
cancer drugs as well
    ** FDA declines to approve LLY's lung cancer drug,
sintilimab, that had been studied only in China; LLY was testing
the drug with Chinese partner Innovent Biologics Inc's  1801.HK 
 urn:newsml:reuters.com:*:nL3N2VR2M9
    ** EQRx developing cancer drug sugemalimab with Chinese
partner CStone Pharmaceuticals and another cancer drug
aumolertinib with another Chinese partner Hansoh Pharmaceutical
    ** EQRx plans to start U.S. led global trials this year,
which Jefferies says will be required for seeking approval from
FDA; brokerage expects ~2 year delay in approval for both EQRX
drugs in the U.S. 
    ** Shares of EQRX up 6% in afternoon trade, while LLY is up
1%
    ** "This decision was not surprising to us," says Jefferies
about FDA decision on LLY drug, citing recommendation from its
advisers in Feb that the companies should conduct a trial of the
drug in the U.S. population  urn:newsml:reuters.com:*:nL1N2UL23X

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))