Citi initiated coverage on Mersana Therapeutics Inc (NASDAQ: MRSN) with a Buy rating and a price target of $12.
The analyst says the topline registrational data (expected in mid-2023) from the UPLIFT Ph2 study evaluating upifitamab rilsodotin (UpRi; NaPi2b ADC) in platinum-resistant ovarian cancer (PROC) will be a catalyst of significant debate.
Citi analyst says that while readout will be binary, investors are underappreciating UPLIFT’s probability of success in NaPi2b-high patients, given the promising efficacy observed in Phase 1.
If the UPLIFT study results are positive, it will lead to a clear pathway to an accelerated approval filing by YE23.
The analyst writes that UpRi’s durability in Phase 1 was in-line or better than single-agent chemo SOC and the recently approved ADC Elahere.
On toxicity, reduced dosing and patient selection strategies should mitigate the risk of Gr4/5 pneumonitis seen earlier in Phase 1.
In December, Mersana announced its third significant collaboration agreement in 2022, reflecting its increasing role as an ADC partner.
The company announced a research collaboration and commercial license agreement with a subsidiary of Merck KGaA (OTC: MKKGY) to discover novel Immunosynthen ADCs directed against up to two targets.
Mersana received an upfront payment of $30 million and is eligible to receive reimbursement of certain costs, up to $800 million in potential milestone payments.
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