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© Tuala_Hjarnoe/Genmab.
Genmab is a Denmark-based biopharmaceutical company founded in 1999 and publicly listed in 2019. It is breaking new ground in developing treatments for cancer. Genmab’s strap line is ‘better antibodies by design’. These antibodies (proteins made by the immune system that bind to specific markers on cells) are developed to attack cancer cells. We knew the company well when it was privately owned and have been passionate about its expertise and culture for some time.
We recently met with Genmab for an update on its strategy of “turning science into medicine”. This included a discussion about the scientific advantages of Genmab’s DuoBody and HexaBody platforms.
DuoBody aids the discovery and development of bispecific antibodies, which bind to two different epitopes (or ‘docking’ sites) on the same or on different targets. These can be used to develop therapies for cancer in addition to autoimmune, cardiovascular and other diseases. HexaBody, meanwhile, is designed to increase the potency of these antibodies.
Combined with robotics and machine learning, the company is proficient at developing drugs that are both safe and effective. Genmab’s collaborations with partners, such as AbbVie, BioNTech, and Seagen, support in-house clinical trials, commercialisation and data management. In May this year, the US Food and Drug Administration approved AbbieVie and Genmab’s blood cancer therapy, sold as Epkinly. Its approval followed a successful study that saw 63 per cent of patients’ cancers decrease in size or disappear following treatment.
Genmab’s commitment to giving patients access to its discoveries is evident from its collaborations with pharmaceutical giants, who commercialise the drugs, ensuring that treatments reach patients as quickly as possible. Through in-depth analysis, we’ve built a picture of a company with fantastic disruptive potential.
This is exemplified by its blockbuster drug, Darzalex, a first-in-class treatment of multiple myeloma (a type of bone marrow cancer). The medicine is widely used and has significantly improved survival rates, including both newly diagnosed patients and those experiencing a relapse. Darzalex has quickly achieved commercial success, with sales growing strongly. Genmab’s royalties from the drug totalled nearly $1.5bn (10.1 billion Danish Krone) in its last financial year, up 64 per cent on the previous period.
There is potentially more disruption to come. Genmab’s has roughly 20 products in clinical development. These include further cancer therapies. The company’s pursuit of growth is also visible in its expanding global presence, with offices in the US, Japan, the Netherlands and Denmark.
While some companies struggle when they expand, Genmab has thought carefully about how to maintain its strong company culture. In an interview with Authority magazine, executive vice president and chief people officer Chris Cozic discussed how the business supports its employees with tailored care. The company pays 100 per cent of the premium for medical coverage of its American employees and their families. And during the pandemic, Genmab introduced shutdown days to give staff an extra day off each month. It has no meetings on Fridays and maintains a flexible working hours policy. A recent employee experience survey indicated 93 per cent of its employees were proud to work at Genmab.
Small drug companies have a high hurdle to succeed. Not only must they prove the science, but they also need an effective business model. It is a rare combination, but Genmab has been impressive in both of these aspects.
Genmab’s status as a disruptive and growing business is evident in its dedication to scientific excellence, commitment to transformative innovation and desire to redefine the landscape of cancer care. By pushing the boundaries of antibody therapeutics and reshaping the oncology sphere, Genmab’s potential is extensive, marking the company as a beacon of hope for cancer patients worldwide. This has been a very good investment. And there’s potential for much more to come.
© Tuala_Hjarnoe/Genmab.
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