TY-2136

TYK Medicines has raised about $74.3 million (HKD 579 million) through a public offering, with plans to allocate a portion to advance its core asset TY-9591. The Chinese biotech, founded in 2017, touts the compound as an eventual first-line therapy for non-small-cell lung cancer (NSCLC) with EGFR mutations, positioning it as a possible rival to AstraZeneca's Tagrisso (osimertinib), the current mainstay treatment for that indication.TY-9591 is undergoing a pivotal Phase II trial in China, targeting brain metastases from NSCLC, with plans for a new drug application (NDA) to be filed in the country in the first quarter of 2025. A registrational Phase III trial in China is also ongoing in locally advanced or metastatic NSCLC with the EGFR L858R mutation, and an NDA submission there is expected in the second half of 2026.Additionally, TYK has been given the okay in China for Phase II and Phase III trials of TY-9591 as a combination therapy for advanced or metastatic EGFR-mutated NSCLC, with plans to initiate Phase II testing in the second half.According to the company's prospectus, TYK's pipeline includes seven other clinical-stage candidates that address various cancer targets, as well as three preclinical drugs. TY-302, a CDK4/6 inhibitor, is considered a key asset in Phase II development for second-line breast cancer in China, with plans to enter a registrational trial early next year. The biotech also has another Phase II trial planned for TY-302 in first-line prostate cancer, set to begin in the second half of 2024. Both indications are for combination treatments.Another key candidate in TYK's pipeline is TY-2136b, a targeted therapy aimed at ROS1/NTRK mutations. The drug is currently in a Phase Ib trial for ROS1/NTRK-mutant solid tumours in China and has an ongoing Phase I study in the US focusing on ROS1/NTRK-mutant NSCLC.As part of its global offering, TYK offered close to 47.9 million H shares at a price of HKD 12.10 ($1.55) per share. The company estimates it will receive net proceeds of around $65 million (HKD 506.3 million) after deducting commissions, fees and expenses.