Market CapNOK1711.6m

Last Close NOK19.35

BerGenBio is a clinical stage biopharmaceutical company developing innovative drugs for aggressive diseases, including immune-evasive, drug-resistant and metastatic cancers. It focuses on AXL inhibitors bemcentinib (small molecule) and tilvestamab (mAb).

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Investment summary

BerGenBio (BGBIO) is a pioneer in AXL biology and the development of AXL inhibitors and has two clinical-stage assets: selective tyrosine kinase inhibitor bemcentinib and functional blocking monoclonal antibody tilvestamab. AXL expression is a negative prognostic marker in most cancers. Its upregulation drives aggressive disease including drug-resistant, immune-evasive and metastatic cancers, as well as fibrosis and viral infection. Selective AXL inhibition can prevent and reverse acquired drug resistance and stop immune suppression, potentially augmenting the efficacy of other cancer drug classes. BGBIO’s lead asset bemcentinib is in proof-of-concept studies in AML in combination with LDAC and in second-line NSCLC in combination with Keytruda. Discussions with regulators are ongoing regarding a pivotal study in relapsed AML, as well as in COVID-19 following top-line data from two Phase II trials in hospitalised COVID-19 patients.

Y/E Dec
Revenue (NOKm)
EPS (öre)
P/E (x)
P/CF (x)
2019A 8.9 (203.6) (199.3) (343.40) N/A N/A
2020A 0.6 (260.4) (257.0) (343.07) N/A N/A
2021E 0.0 (328.0) (322.1) (366.76) N/A N/A
2022E 0.0 (336.7) (335.1) (380.96) N/A N/A
Industry outlook

Understanding the tumour microenvironment and why even with initial positive response to treatment, cancers often exhibit tumour proliferation, metastasis and treatment resistance is becoming an ever-more critical focus area. The role of AXL is becoming increasingly defined in tumorigenesis, propagation and treatment resistance.

Last updated on 20/01/2022
Content on BerGenBio
BerGenBio – Martin Olin succeeds Richard Godfrey as CEO
Healthcare | Flash note | 24 August 2021
BerGenBio – Advancing towards pivotal studies
Healthcare | Update | 20 August 2021
BerGenBio – FDA grants fast track designation
Healthcare | Update | 15 June 2021
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Share price graph
Balance sheet
Forecast net cash (NOKm) 421.2
Forecast gearing ratio (%) N/A
Price performance
Actual 0.5 (2.8) (46.3)
Relative* (3.1) (1.5) (53.9)
52-week high/low NOK35.7/NOK17.4
*% relative to local index
Key management
Rune Skeie CFO