Wednesday was a terrific day for investors in Danish biotechnology company Genmab.
The company saw the value of its stocks rise by more than 20% on Wednesday afternoon after it announced that trials for a new cancer drug, petosemtamab, had been successful.
This follows two other successful trials on two other cancer drugs recently: Epkinly and Rina-S.
Petosemtamab’s success
Petosemtamab is a drug that is intended to treat head and neck cancer. The findings that sent the stocks surging were of the phase three trial that recently concluded.
In the company’s press release, it noted that the new drug halves the risk of death for patients with PD-L1-positive recurrent or metastatic head and neck cancer.
In the trial, petosemtamab was used in conjunction with Keytruda, and the halving of the risk of death is compared to only the use of Keytruda.
In the press release, CEO of the company, Jan van de Winkel, said, “These topline Phase three results represent a defining milestone for Genmab and further strengthen our conviction in petosemtamab as a potential first-in-class treatment option for patients with this difficult-to-treat cancer.”
Twenty-nine per cent jump
The response to the announcement was very positive from investors and the broader market.
Wednesday afternoon saw the stock for Genmab increase by 29%, which has mostly held as of Thursday midday.
Euroinvestor notes that with this increase, the company has seen a roughly 90% rise in its value this year alone.
Success after success
As noted by Børsen, this announcement comes after the company has had two other drugs with hit results.
First, Epkinly, which halves the risk of progression or death compared with standard treatment in lymphoma. Then, Rina-S, which reduces the risk of progression or death in platinum-resistant ovarian cancer by 71%.
The three trial successes are responsible for a significant comeback for the company, which otherwise faced a lapse of patent rights to Darzalex, the megahit drug it earns royalties on, at the end of the decade.
