FDA Approves Bristol Myers Squibb's Combination Therapy For Colorectal Cancer Patients With Certain Type Of Gene Mutation
Portfolio Pulse from Vandana Singh
The FDA has granted accelerated approval to Bristol Myers Squibb's (NYSE:BMY) Krazati (adagrasib) in combination with cetuximab for treating KRASG12C-mutated colorectal cancer. This approval is based on the Phase 1/2 KRYSTAL-1 study, which showed a 34% objective response rate. Bristol Myers Squibb acquired adagrasib through a $5 billion deal with Mirati Therapeutics. The company also partnered with QIAGEN NV (NYSE:QGEN) to develop a companion diagnostic for Krazati.
June 24, 2024 | 12:26 pm
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POSITIVE IMPACT
FDA has granted accelerated approval to Bristol Myers Squibb's Krazati for treating KRASG12C-mutated colorectal cancer, based on a 34% ORR in the KRYSTAL-1 study. This approval could significantly boost BMY's oncology portfolio.
The FDA approval of Krazati for colorectal cancer is a significant milestone for Bristol Myers Squibb, potentially leading to increased sales and strengthening its oncology portfolio. The positive market reaction (shares up 0.38%) indicates investor confidence.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
QIAGEN NV partnered with Bristol Myers Squibb to develop a companion diagnostic for Krazati, which has now received FDA approval. This partnership could enhance QIAGEN's market position in the diagnostic space.
QIAGEN's partnership with Bristol Myers Squibb to develop a companion diagnostic for Krazati positions the company well in the growing cancer diagnostics market. The FDA approval of Krazati could lead to increased demand for QIAGEN's diagnostic solutions.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50