Mendus (Q1 review): CML Phase I Initiated - Redeye

Redeye comments on Mendus’ Q4 report. The main event is the start of the phase I study in CML in April. The acquisition of Terns Pharmaceuticals by Merk/MSD for USD6.7bn is crucial for the investment case, since it demonstrates the potentially high valuations for early-stage CML assets. CADENCE is on track for a first readout in AML in mid-2026. We make limited changes to our valuation model in this update.

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