According to the BioWorld Cancer Financings Report, 2020 proved to be a record year in terms of capital raised by biopharmaceutical companies working on therapeutics for cancer indications.
Macrogenics Inc., which started the year with a pipeline prioritization, ends 2020 with its first FDA approval. The agency cleared its HER2-targeting Fc-engineered monoclonal antibody margetuximab in combination with chemotherapy for use in patients with metastatic HER2-positive breast cancer who have received two or more prior anti-HER2 regimens, at least one of which was for metastatic disease.
The share prices of blue-chip biopharmaceutical companies closed out the month on a high note to contribute to their stellar collective performance during the second quarter, with the BioWorld Biopharmaceutical index increasing almost 20%.
Blue chip public biopharmaceutical companies continued their positive trajectory in May, with the BioWorld Biopharmaceutical index recording an 8% jump in valuation and contributing to its year-to-date performance of approximately 17%.
The American Society of Clinical Oncology (ASCO) annual meeting will be closely watched by analysts and investors alike. There is no doubt that favorable data presented at the event will advance a company's stock valuation significantly. Equally, candidate cancer therapies that do not live up to expectations will see their developers face the ire of investors.
Macrogenics Inc. is taking a further step into Asia as it joins with I-Mab Biopharma (Shanghai) Co. Ltd. in a collaboration and license agreement to develop and commercialize enoblituzumab, an immune-optimized, anti-B7-H3 monoclonal antibody.
