BioNTech stock surged Friday, retaking its key moving averages, after its experimental breast cancer treatment met a prespecified bar for success in a pivotal study.
The company tested its drug in patients with advanced breast cancer. Trastuzumab pamirtecan, which was developed with China's DualityBio, is a next-generation antibody drug conjugate (ADC). These treatments send toxic chemicals directly to proteins present on tumor cells, limiting the damage to healthy tissue.
An independent data monitoring committee says patients who received the experimental ADC lived for a longer period of time before worsening than those given another ADC from Roche.
The companies are now discussing submitting a request for approval in China, where they studied the ADC. Trastuzumab pamirtecan is the first of BioNTech's late-stage oncology programs to meet the goal of a pivotal study, according to the company's chief medical officer, Ozlem Tureci.
"We believe that trastuzumab pamirtecan is an ADC candidate with enormous potential which makes it an important asset in our global oncology strategy including combinational approaches," Tureci said in a written statement.
On the stock market today, BioNTech stock ramped 8.7%, closing at 112.46. Shares ended the regular session above their 50-day and 200-day moving averages.
Follow Allison Gatlin on X/Twitter at @AGatlin_IBD.
