BioNTech: VEGF bispecific, PD-L1 target, and combo plans are its strengths

During BioNTech's third-quarter earnings call on Monday, analysts directed attention to the company's bispecific antibody, BNT327. Some compared its performance to that of Summit Therapeutics and Akeso's ivonescimab, noting similar outcomes. BioNTech's CEO, Uğur Şahin, highlighted the primary distinction between these compounds, stating that BNT327 targets PD-L1, whereas its competitors focus on PD-1. This difference, he suggested, may offer an advantage by enhancing the binding of VEGF within the tumor microenvironment, potentially leading to improved treatment responses and durability, particularly in patients with PD-L1-positive tumors. However, this potential benefit has yet to be confirmed through clinical studies.

Ryan Richardson, BioNTech's chief strategy officer, emphasized the significant potential for differentiation in clinical strategy, a key factor currently under evaluation. BioNTech is initially concentrating on combining BNT327 with chemotherapy to enter the market. Future plans include combining it with ADCs, with trials expected to begin in 2025, alongside exploring other combination therapies.

Presently, BNT327 is undergoing Phase 2 trials for small-cell lung cancer and triple-negative breast cancer. Outcomes from these studies will guide future registrational trials, including an SCLC trial set to commence later this year and a breast cancer trial planned for 2025, as indicated in the company's Monday earnings release.

Investor interest in the VEGF bispecific approach surged in September when Summit and Akeso announced that ivonescimab outperformed Keytruda in a Phase 3 lung cancer trial in China. Later in the month, BioNTech presented positive Phase 2 results in EGFR-mutant non-small cell lung cancer patients in China. Analysts from TD Cowen at the time rated BioNTech's efficacy data as comparable to ivonescimab.

Under the terms of an agreement made last year with Biotheus, which included a $55 million upfront payment, BioNTech holds the rights to BNT327 outside of China and certain other Asian markets.