LundbeckINM

Lundbeck (INM) focuses on neurology. The company is developing MT-001 (Anti-PACAP), which is in Ph2a PoC in migraine patients. MT-002 (Anti-CGRP x PACAP bispecific) is in 1Q – DC selection, with an IND or CTA expected in 1Q27, and YE – Ph1 HV data anticipated. MT-003 (Anti-CGRP) is in 2Q – DC selection. The market opportunity for 2L after CGRP failure for MT-002 is projected at $2B+, and for all CGRP inadequate responders, it is $5B+. The peak class for CGRP mAb, represented by MT-003, is estimated at $11B. CGRP therapies currently generate $6B in global revenue, with projections reaching $11B globally. Deal economics for fremanezumab (Ajovy) were $825M, for rimegepant (Nurtec / Vydura) $11.6B, and for eptinezumab (Vyepti) ~$2B. For CGRP, the Pbo-adj ΔMMD at Wk4 across episodic and chronic migraine is ~1.5–2.5. For Lu AG09222, the Pbo-adj Δ in monthly migraine days (MMD) is -2.1. Between 40-50% of patients do not achieve a 50% reduction in MMDs, and 40-50% of patients have an inadequate response to CGRP monotherapy. Fewer than a third of patients achieve an optimal response to anti-CGRP therapy, and 30-40% of patients do not respond to CGRPs.