Corporate News Blog - Bristol-Myers Squibb's Opdivo to be Available for Head and Neck Cancer Patients in UK

LONDON, UK / ACCESSWIRE / October 16, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Bristol-Myers Squibb Co. (NYSE: BMY), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=BMY. The Company announced on October 13, 2017, that the UK's National Institute of Health and Care Excellence (NICE), the advisor to the National Health Service (NHS) for cost and quality, has allowed Bristol-Myers Squibb's Opdivo (nivolumab) to be available for metastatic head and neck cancer patients who have not responded to chemo with six months and the cancer has spread to other parts of the body. For immediate access to our complimentary reports, including today's coverage, register for free now at: http://protraderdaily.com/register/.

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About Opdivo

• The immunotherapy drug, nivolumab, works by binding to certain proteins in cells. Opdivo is a monoclonal antibody that binds to the PD-1 receptor, blocking its interaction with the PD-L1 and PD-L2 proteins. It then stimulates the body's immune system, which allows T-cells to interact with cancerous cells and destroy them.

• The current clinical trial evidence indicated that the drug extends life by over 3 months compared to current treatments.

• It is also believed that the side effects of Opdivo are more manageable than chemotherapy which permits a better quality of life for patients.

• However, patients being treated with nivolumab must stop at two years of uninterrupted treatment, or even earlier if the cancer has spread further around the body. This is because the evidence for the effectiveness of nivolumab after two years is uncertain.

NICE Changed Decision Post Bristol-Myers Squibb's CDF Proposal

Initially, when NICE reviewed the drug in April 2017, it had concluded that the evidence for its effectiveness in treating head and neck cancer was uncertain. It was even before the drug received its European license.

Subsequently, NICE asked Bristol-Myers Squibb to submit a proposal for reimbursement from the Cancer Drugs Fund (CDF), which could pay for Opdivo until stronger clinical data emerges and advances the argument that it is cost-effective. In the proposal, the Company outlined that it plans to strengthen data on the drug through a clinical trial as well as data collection through the CDF. Post a successful round of negotiations, NICE has agreed in its final draft guidance that the CDF will fund Opdivo in metastatic squamous-cell carcinoma of the head and neck, after the platinum-based chemotherapy. This will provide NHS patients access to new cancer therapies in a cost-controlled way. Also now that Opdivo is within the CDF, it will allow more data to be collected on its efficacy on a real world basis in addition to a clinical trial.

Professor Carole Longson, Director of the Centre for Health Technology Evaluation at NICE, shared that nivolumab is an innovative drug which continues to draw attention, but its clinical evidence for some types of cancer is uncertain. She expressed her pleasure on working with Bristol-Myers Squibb and NHS England for developing a managed access agreement. Longson also shared that they have found a way to provide for patients despite these uncertainties.

A Price Cut for Opdivo

• Bristol-Myers Squibb responded to this development with a commercially confidential price cut. In fact, the Company has entered into a commercial access agreement with NHS England that provides the drug at a confidential discounted price.

• Now, the list price for nivolumab is £1,097 per 100mg vial, which is to be administered intravenously in 3mg doses every two weeks per patient.

A Significant Opportunity for Bristol-Myers Squibb

Every year, there are more than 10,000 cases of newly diagnosed head and neck cancer in the UK. Of these, it is anticipated that around 900 patients would receive nivolumab during the managed access period whilst it is on the CDF for the next two years.

This will help the Company get a head start in a market where Bristol-Myers Squibb is competing with Merck & Company's Keytruda (pembrolizumab) and other rivals in a range of uses in cancer. Keytruda, which is not yet approved, is competing with Opdivo in several tumor types such as lung cancer, bladder cancer, and melanoma. Although Keytruda won an FDA approval in head and neck cancer last year, it is yet to get a green signal from EU. Also, Keytruda has proved to be successful in the lucrative first-line lung cancer use, where Opdivo has produced mixed results.

Last Close Stock Review

Bristol-Myers Squibb's share price finished last Friday's trading session at $65.29, slightly sliding 0.09%. A total volume of 6.21 million shares have exchanged hands, which was higher than the 3-month average volume of 6.08 million shares. The Company's stock price rallied 19.16% in the last three months, 23.30% in the past six months, and 29.96% in the previous twelve months. Additionally, the stock surged 11.72% since the start of the year. Shares of the Company have a PE ratio of 23.79 and have a dividend yield of 2.39%. The stock currently has a market cap of $107.17 billion.

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