Zenocutuzumab is a monoclonal antibody commercialized by Merus, with a leading Phase II program in Metastatic Breast Cancer. According to Globaldata, it is involved in 4 clinical trials, of which 1 was completed, and 3 are ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of Zenocutuzumab’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for Zenocutuzumab is expected to reach an annual total of $88 mn by 2037 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
Zenocutuzumab Overview
Zenocutuzumab (MCLA-128) is under development for the treatment of solid tumors that harbor Neuregulin 1 (NRG1) gene fusions, HER2 low expressing and HER2 positive metastatic breast cancer, pancreatic ductal adenocarcinoma , non-small cell lung cancer, Cholangiocarcinoma, metastati castration resistant prostate cancer and other solid tumors. It is administered by intravenous route as an infusion. The therapeutic candidate is a full-length IgG bi-specific antibody that acts by targeting HER2 and HER3. It is an antibody-dependent cellular cytotoxicity (ADCC)-enhanced Biclonic, that is developed based on Biclonics ENGAGE platform.
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It was also under development for the treatment of ovarian cancer, metastatic colorectal cancer, epithelial tumor, gastric cancer, endometrial cancer, pancreatic ductal adenocarcinoma.
Merus Overview
Merus is a pharmaceutical company that discovers and develops antibody therapeutics for cancer indications. The company is investigating MCLA-128, for the treatment of metastatic breast cancer and solid tumors; ONO-4685, for the treatment of autoimmune disease. It is also evaluating MCLA-158 and MCLA-129, to treat solid tumors and MCLA-145, a T-cell agonist targeting hematological malignancy and solid tumors. Merus utilizes Multiclonics, Biclonics and Triclonics technology platforms for developing antibodies to treat cancer. The company works in collaboration with Incyte Corporation, Simcere Pharmaceutical Group, Ono Pharmaceutical Co., Ltd. and Betta Pharmaceuticals Co Ltd. Merus is headquartered in Utrecht, the Netherlands.
The company reported revenues of (US Dollars) US$41.6 million for the fiscal year ended December 2022 (FY2022), a decrease of 15.3% over FY2021. The operating loss of the company was US$160 million in FY2022, compared to an operating loss of US$90 million in FY2021. The net loss of the company was US$131.2 million in FY2022, compared to a net loss of US$66.8 million in FY2021.
The company reported revenues of US$11 million for the third quarter ended September 2023, an increase of 5.3% over the previous quarter.
For a complete picture of Zenocutuzumab’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
