FDA nod for Seagen's cancer combo therapy makes a 'multi-blockbuster' - Analysts

Seagen

04/04/2023 15:43

(Updates)
    ** Shares of drugmaker Seagen Inc  SGEN.O  rise ~1% to
$203.5
    ** U.S. FDA late on Monday granted accelerated marketing
approval to SGEN's Padcev and Merck & Co's  MRK.N  blockbuster
drug Keytruda as combination first-line treatment of bladder
cancer
    ** Brokerage firm William Blair said the approval expands
the reach of Padcev in a $2.5 bln-$3 bln global market for
bladder cancer 
    ** Padcev has already been approved as a monotherapy to
treat patients with bladder cancer by US FDA in 2021
    ** The combination therapy comes with a boxed warning for
serious skin reactions
    ** The approval is an inflection point for SGEN's revenue
growth trajectory, propelling Padcev to a multi-blockbuster
franchise - William Blair 
    ** Brokerage BMO capital forecast U.S. sales of $3.5 bln for
Padcev in 2030 
    ** Including session's gain, SGEN up ~58% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))