All six non-Hodgkin lymphoma patients on Legend Biotech’s CAR T therapy responded to treatment—findings that could make the biotech an attractive takeover target, according to analysts at Oppenheimer.
Legend Biotech’s CAR T candidate hit a 100% response rate in a Phase 1 study of non-Hodgkin lymphoma, positioning the biotech as an attractive takeover target in a space that has seen recent big-ticket deals from pharma powerhouses Eli Lilly, AstraZeneca and Gilead.
Phase 1 data disclosed Tuesday showed that all six patients given Legend’s CAR T asset, dubbed LB2501, responded to treatment, resulting in a 100% objective response rate. The cell therapy totally removed signs of disease in five patients, yielding a complete response rate of 83.3%.
These data “point to a potentially best-in-class profile in the in vivo CART space and best-in-disease profile in NHL [non-Hodgkin lymphoma],” Oppenheimer wrote to investors on Tuesday.
Conceding that they would need longer-term data for a more comprehensive analysis, the analysts nevertheless said that LB2501’s efficacy and safety look “superior” or at least comparable to other therapies in this indication, including ex vivo CAR Ts and T cell engagers. Indeed, Legend reported no dose-limiting toxicities, deaths or serious adverse events in its press announcement, nor did it detect any case of immune effector cell–associated neurotoxicity syndrome (ICANS).
The biotech closed Tuesday’s trading session at $36.28 apiece, up 42% from the day prior.
LB2501’s Phase 1 assessment is currently ongoing, with 12 patients treated so far across two dose cohorts, Legend said, noting that the trial focused on patients with relapsed or refractory B cell NHL. Only six patients were able to make the biotech’s data cutoff for its Tuesday readout. The study has an expected primary completion date in mid-2027.
“Positive in vivo CART data strengthens chances of LEGN acquisition in our view,” Oppenheimer wrote, pointing out that the CAR T market has of late been “a very active M&A space.” In February, for instance, Lilly dropped $2.4 billion to acquire Orna Therapeutics and its pipeline of in vivo CAR T candidates.
The pharma followed that up in April by acquiring Kelonia Therapeutics for up to $7 billion—a decision that quickly paid off with the biotech on Sunday touting a 100% objective response rate for its own in vivo CAR T asset KLN-1010 in a Phase 1 study of patients with relapsed or refractory multiple myeloma.
All patients also hit minimal residual disease after KLN-1010 treatment, suggesting they had no signs of cancer in their bone marrow at the one-month follow-up, Kelonia said at the time.
Other recent CAR T deals include Gilead’s $7.8 billion buyout of Arcellx in February and AstraZeneca’s $630 million licensing bet for AbelZeta’s cancer therapy in January.
