Biotech Values

[DewDiligence]

FDA approves BMY’s Opdualag—a_co-formulated_FDC_of Opdivo and anti-LAG-3 relatlimab—in first-line melanoma:

https://finance.yahoo.com/news/u-food-drug-administration-approves-222900124.html

The approval is based on the RELATIVITY-047 trial, which tested Opdivo + relatlimab against Opdivo monotherapy and had a PFS HR=0.75 (#msg-163914232).

In first-line melanoma, Opdulag offers comparable efficacy to Opdivo + Yervoy with less toxicity.

My abbreviated take:

$BMY's LAG-3 result in first-line melanoma looks like a fairly modest medical advance, but one that will probably make serious money for the company in the coming years. (I'm long.)

— Roy Friedman (@DewDiligence) May 19, 2021