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No. of Recommendations: 4

1 alexion
2 amarin
3 biomarin
4 bluebird
5 deciphera
6 esperion
7 global blood therapeutics
8 immunomedics
9 iovance
10 reata

Looking a little beyond the companies on our top 10 list, other biotechs that could be the subject of deals include Arena Pharma, Avadel Pharma, Biohaven, Blueprint Medicines, Incyte, Karyopharm Therapeutics, Retrophin, SAGE Therapeutics, Sarepta, and uniQure

Looking at this list there are a few eye rolls (retrophin!?!? ... uniqure, sarepta, and GBT are all head scratchers)...

There are some that seem larger than I would expect (alexion, amarin, biomarin, incyte are all sizable I think?)

The one that caught my eye that I had not looked into too deep before was Iovance.

Melanoma results:
TIL 36% orr 3 or more prior line of tx (Iovance's tx)

The competitive landscape for melanoma:
Lag3 + nivo 12% orr 1 or more prior line of tx

IMO2125 + ipi 22% orr 1 or more prior line of tx

CMP001 + keytruda 25% orr 1 or more prior line of tx
lenvatinib + keytruda 21% orr 1 or more prior line of tx
Entinostat + keytruda 19% orr 1 or more prior line of tx

... so thusfar, it seems to offer the most hope. Currently for metastatic melanoma, tx with BRAF inhibitors + PD1 mabs are about 10% ORR with 7-8months OS.

The competitive landscape for recurrent, metastatic, or persistent cervical carcinoma- which has no current standard of care:
TIL 44% orr 2 or more prior line of tx (Iovance's tx)

Tisotumab vedotin 24% orr 1 or more prior line of tx

AGEN2034 14% orr 1 or more prior line of tx
cemiplimab 10% orr 2 or more prior line of tx

neratinib 27% orr 2 or more prior line of tx

The caveat here is that 97% of patients had a grade 3 or higher adverse event.

Lastly, the iovance tx would likely approach 1m in tx costs, and the melanoma market alone is 8-10k. Should they get cervical CA under their belt, we're looking at a TAM of maybe 15-20b for a company selling at 5b market cap. I think this gets bought out at a healthy multiple, just not sure by whom. Maybe a nice add on by GILD to tag onto their KITE acquisition?
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