Redeye comments on Mendus' Q3 report. VITAL-CML passed its safety and tolerability stage, which clears the way for the VITAL-TFR2 study in treatment-free remission (TFR) to start around year-end. The first immune data from the ongoing CADENCE and VITAL-CML studies are in line with ADVANCE II, but signs of efficacy will have to wait until the readouts in 2027. Management will define the registration strategy in AML during 2028, so we push our AML launch to 2032 and the deal to 2028. Our Fair Value falls to SEK17 (SEK18), entirely due to a lower relative valuation, while our fundamental value is unchanged. The Mendus share screens as "Attractively Priced".
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