Positive results from Array BioPharma and Pierre Fabre's Ph III study of encorafenib plus binimetinib for melanoma
US biotech firm Array BioPharma (Nasdaq: ARRY) and privately-held French drugmaker Pierre Fabre today jointly announced top-line results from Part 1 of the Phase III COLUMBUS (Combined LGX818 Used with MEK162 in BRAF Mutant Unresectable Skin Cancer) study evaluating LGX818 (encorafenib), a BRAF inhibitor, and MEK162 (binimetinib), a MEK inhibitor, in patients with BRAF-mutant advanced, unresectable or metastatic melanoma.
The study met its primary endpoint, significantly improving progression free survival (PFS) compared with vemurafenib, a BRAF inhibitor, alone, with the news sending the firm’s shares up 61.5% to $5.89 by early afternoon trading.
JP Morgan reiterated an "outperform" rating on Array shares this morning, noting that the drug combination has a "high probability of approval," according to the Fly. JPMorgan anticipates that the encorafenib and binimetinib combination is worth $3 per share and that regulatory submission will occur in 2017.
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