THIS IS HUGE!!!, page-44

This below highlights a little why the market is re-rating PAB.

Now, I know Eisai has already completed P1, BUT...you get the picture.

Big Pharma paying US$650m upfront in licensing deal for Phase 1 asset, cancer antibody...up to US$2.5b in milestones.

Arguably PAB's platform approach means PAT-DX1 can serve multiple indications, and BBB success places greater premium on its IP.

Exciting time ahead for PAB...EV$76m is damn cheap!
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Bristol Myers pays $650M for rights to Eisai's phase 1 ADC
by Nick Paul Taylor |
Jun 18, 2021 7:50am

Bristol Myers Squibb is paying $650 million to secure rights to Eisai’s folate receptor alpha-targeted antibody-drug conjugate (ADC) MORAb-202. The deal, which is worth up to $2.5 billion in milestones, sets Bristol Myers up to work with Eisai to get the drug into a registrational study next year.

Eisai created MORAb-202 by pairing an anti-folate receptor alpha (FRα antibody with its anticancer agent eribulin. The idea is to use overexpression of the receptor in various malignancies to facilitate the targeted delivery of a therapeutic payload. The same concept underpins other ADCs such as Sutro’s STRO-002 and ImmunoGen’s once-failed phase 3 prospect mirvetuximab soravtansine.

Bristol Myers sees enough promise in MORAb-202 to bet big. Eisai is receiving $200 million to cover its R&D expenses and a further $450 million upfront payment, plus the promise of major milestones and royalties. In return, Bristol Myers has secured the right to jointly develop and commercialize the ADC with Eisai in North America, Europe, Russia, Japan, China and a clutch of other countries in the Asia Pacific region. Bristol Myers is solely responsible for MORAb-202 in the rest of the world.

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