Mirati Therapeutics falls as EU regulator declines to back cancer drug

Mirati Therapeutics

21/07/2023 14:52

(Updates)
    ** Shares of cancer drug developer Mirati Therapeutics Inc
 MRTX.O  fall 11.25% to $30.01
    ** The European Medicines Agency's (EMA) panel declined to
back authorization for co's drug to treat a type of lung cancer
as it did not fulfill the requirements for conditional support
    ** Co did not give details on the requirements it did not
fulfill
     ** MRTX says it disagrees with the EMA's opinion and
intends to request a formal re-examination
    ** The negative panel opinion for Krazati is presumably
because Amgen Inc's  AMGN.O  Lumakras is already conditionally
approved, TD Cowen analyst Tyler Van Buren wrote in a note.
    ** The opinion is "misguided" as the EMA did not appreciate
the differentiation between the two therapies, Van Buren added. 
    ** Says it intends to continue supplying the oral drug,
adagrasib, under early access in EU member states in alignment
with applicable laws and regulations - MRTX
    ** Adagrasib, approved and sold under brand Krazati in the
U.S., and Lumakras are designed to target a mutated form of a
gene known as KRAS that occurs in about 13% of non-small cell
lung cancers, the most common form of the disease   
    ** Up to last close, MRTX shares down ~25.4% YTD 

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