Hong Kong-listed biotech firm Innovent Biologics (1801.HK) saw its shares soar 5.17% in intraday trading on Friday, following news that its third-generation EGFR TKI drug Limertinib received approval from China's medical regulator NMPA for treatment of a certain mutation in non-small cell lung cancer.
Limertinib targets the EGFR T790M mutation, which is present in up to 50% of Asian lung cancer patients with locally advanced or metastatic non-small cell lung cancer. This regulatory milestone clears the way for Innovent to market the drug and potentially opens up a significant revenue stream for the biotech firm.
The approval boosts Innovent's oncology drug pipeline and is a major win as it seeks to expand its portfolio of marketed products beyond its existing PD-1 antibody Tyvyt. Investors cheered the development, betting that Limertinib can become a blockbuster therapy given the high prevalence of the targetted mutation in Asian patient populations.
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