Mendus - Regulatory endorsement supports vididencel focus

Mendus's lead asset, vididencel, is fast approaching the pivotal stages of development in acute myeloid leukaemia (AML), with recent endorsements from both the FDA and EMA (on the design of the planned registrational trial). Separately, Mendus has decided to cease further development for its second asset, ilixadencel, after the termination of its collaboration agreement with Institut Bergonié, sponsor of the REGOMUNE trial. We note that the termination was due to this basket study being prematurely halted, and not specifically related to ilixadencel. We view Mendus's new streamlined approach to its lead programme as logical, especially given the promising long-term survival data from the ADVANCE II trial. For ilixadencel, management plans to explore other strategic options, of which a partnering agreement may be a priority, in our view. As we adjust our estimates to reflect the new approach for ilixadencel's development plan, our valuation shifts slightly to SEK39.0/share (SEK40.3/share previously).

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