Amgen's cancer drug to remain in market despite negative vote - analysts

Mirati Therapeutics

06/10/2023 13:19

** Amgen's  AMGN.O  lung cancer drug will remain available
to patients despite a negative vote from an advisory panel on
data from the drug's late-stage study, analysts say 
    ** Shares of the drugmaker closed marginally down on
Thursday, while that of Mirati Therapeutics  MRTX.O , which has
a rival treatment on the market, closed up ~45% 
    ** Advisers to the U.S. health regulator found that data
from a late-stage trial of AMGN's lung cancer drug Lumakras
could not be relied on 
    ** Lumakras, which received accelerated approval in 2021,
should still be available for patients with a type of advanced
lung cancer given the poor tolerability of chemotherapy
docetaxel, William Blair analysts say 
        ** The U.S. health regulator requires confirmatory
trials be conducted for drugs approved under accelerated pathway
in order to receive traditional approval 
    ** William Blair expects minimal growth of Lumakras in the
United States, some international growth possible in near term
    ** RBC Capital Markets also expects Lumakras to remain in
market, says panel vote comes as "little surprise" 
    ** As of last close, AMGN up ~1% and MRTX up ~38% so far
this year 
    

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))