The revenue for LB-1908 is expected to reach an annual total of $27 mn by 2039 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
LB-1908 Overview
LB-1908 (LCAR-C18S) is under development for the treatment of relapsed or refractory gastric cancer, esophageal cancer, gastro-esophageal junction adenocarcinoma and metastatic adenocarcinoma pancreas. The therapy comprises of autologous T-cells genetically engineered to express chimeric antigen receptors (CAR) targeting cells expressing claudin18.2 (CLDN18.2). It is administered through intravenous route.
Legend Biotech Overview
Legend Biotech, a subsidiary of Genscript Biotech Corp, is a clinical-stage biopharmaceutical company that discover and develops novel cell therapies for oncology and other indications. The company lead product candidate, ciltacabtagene autoleucel (cilta-cel), referred to as LCAR- B38M, is an autologous chimeric antigen receptor (CAR-T) cell therapy that targets the B-cell maturation antigen (BCMA), which is a highly expressed protein in several hematologic malignancies, including multiple myeloma (MM). The company utilizes CAR-T (chimeric antigen receptor-T cell), TCR (T-cell receptor) and allogeneic cell therapy technology platforms to develop its products. The company operates in the Americas and Europe. Legend Biotech is headquartered in Piscataway, New Jersey, the US.
The company reported revenues of (US Dollars) US$117 million for the fiscal year ended December 2022 (FY2022), an increase of 70% over FY2021. The operating loss of the company was US$458.1 million in FY2022, compared to an operating loss of US$394 million in FY2021. The net loss of the company was US$446.4 million in FY2022, compared to a net loss of US$403.6 million in FY2021. The company reported revenues of US$73.3 million for the second quarter ended June 2023, compared to a revenue of US$36.3 million the previous quarter.
For a complete picture of LB-1908’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.