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Morning News &Views -Asia:A Summary of Select Global Markets Research

类型:投资策略  机构:野村国际(香港)有限公司   研究员:野村国际(香港)研究所  日期:2017-04-10
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Astellas Pharma announces acquisition of Ogeda for up to ?800mnOn 3 April Astellas Pharma [4503] announced the acquisition of Ogeda, an unlistedBelgian company whose pipeline includes the selective neurokinin-3 (NK3) receptorantagonist fezolinetant (ESN364). Fezolinetant is a non-hormone treatment for patientswith menopausal-related vasomotor symptoms (MR-VMS), more commonly known ashot flashes, or with polycystic ovary syndrome (PCOS). The deal is scheduled to closein FY17 Q1. Astellas Pharma will make an initial payment of ?500mn in considerationof 100% of equity in Ogeda at the closing of the transaction, and Ogeda shareholderswill be eligible to receive an additional ?300mn with the attainment of certainmilestones for fezolinetant.

    Fezolinetant reduces KNDy neuron activity, thereby easing hot flashesAccording to research by Ogeda, 80% of menopausal women experience hot flashes,and 20-30% of women with severe symptoms seek treatment. The standard treatmentfor hot flashes is hormone replacement therapy (HRT) with estrogen. However,sustained use of HRT raises the risk of cancer and of cardiovascular problems. Hotflashes happen when a lack of estrogen during the menopause causes KNDy neuronactivity to rise, pushing up body temperature. Fezolinetant reduces KNDy neuronactivity, thereby easing hot flashes without the need for estrogen. Astellas Pharma hassaid that the US HRT market (including estrogen treatment, the standard therapy) wasworth around $1bn in FY16. Proof of the efficacy and safety of fezolinetant in thetreatment of hot flashes could therefore provide a certain boost to sales.

    Phase 2a trials showed marked improvements versus placeboOgeda announced the results of Phase 2a trials involving 80 menopausal women withhot flashes on 4 January. The trial met its primary endpoint, registering a 93%reduction from baseline at week-12 in the frequency of moderate-to-severe hot flashesversus 54% for the placebo. No severe adverse events were reported in eithertreatment group, and there was also no major difference in the frequency of mild-tomoderateadverse events. This was only a small trial. A long-term trial will be needed toevaluate whether the risk of cancer or cardiovascular problems is the same as withHRT, on which basis it will probably be some time before fezolinetant is released.

    Ogeda intends to commence major 2b trials involving women with menopausal hotflashes in 2017. Fezolinetant’s rival is AZD-4901, an orally administered NK3 receptorantagonist under development by AstraZeneca. It is currently in Phase 2 trials that arescheduled for completion in April 2017.

    Astellas Pharma has a good eye for promising new drugsWe think Astellas Pharma has a good eye for promising new drugs, including thecastration-resistant prostate cancer treatment Xtandi and IMAB362, which it gainedcontrol over by acquiring Ganymed Pharmaceuticals in October 2016. Fezolinetant isalso a potential first-in-class treatment for hot flashes, which we think testifies toAstellas Pharma’s business development prowess.

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