BeOne Medicines Announces Phase 3 Results for ZIIHERA
BeOne Medicines (ONC) announced full results from the Phase 3 HERIZON-GEA-01 trial evaluating ZIIHERA, a HER2-targeted bispecific antibody, in combination with chemotherapy, with and without PD-1 inhibitor TEVIMBRA, as a first-line treatment for HER2-positive locally advanced or metastatic gastroesophageal adenocarcinoma. These data, including the first interim overall survival analysis, will be presented as a Late-Breaking Abstract Oral Presentation at the American Society of Clinical Oncology Gastrointestinal Cancers Symposium on January 8, 2026, from 8:57- 9:07 a.m. PST. HERIZON-GEA-01 met the dual primary endpoint of progression-free survival, demonstrating statistically significant and clinically meaningful improvements in both experimental arms compared to the control arm. The addition of TEVIMBRA to ZIIHERA and chemotherapy also showed a statistically significant and clinically meaningful improvement in overall survival, resulting in a 28% reduction in the risk of death and a greater than 7-month improvement in mOS. These PFS and OS benefits were observed in the ZIIHERA plus TEVIMBRA and chemotherapy arm versus the control arm regardless of PD-L1 expression level, with approximately one-third of enrolled patients with tumors classified as PD-L1 less than 1%. ZIIHERA plus chemotherapy showed a clinically meaningful survival benefit with a mOS of 24.4 months, a strong trend toward statistical significance at the time of this first interim analysis for OS. Further highlights from the HERIZON-GEA-01 results include: TEVIMBRA added to ZIIHERA and chemotherapy resulted in a 37% reduction in the risk of disease progression and a greater than 4-month improvement in mPFS. Patients receiving ZIIHERA plus chemotherapy showed a 35% reduction in the risk of disease progression and a similar greater than 4-month improvement in mPFS. These results compare favorably to mPFS of 8.1 months in patients treated with trastuzumab plus chemotherapy. In the PD-L1 negative subgroup, the HR results for PFS were 0.47 in the ZIIHERA plus TEVIMBRA and chemotherapy arm and the HR results for OS were 0.49. In the PD-L1 positive subgroup, the HR results for PFS were 0.65 in the ZIIHERA plus TEVIMBRA and chemotherapy arm and the HR results for OS were 0.82. Both experimental arms demonstrated improvements in the key secondary endpoints of objective response rate and duration of response versus the control arm, with ZIIHERA and chemotherapy resulting in an ORR of 69.6% with a median DOR of 14.32 months. The ZIIHERA plus TEVIMBRA and chemotherapy arm induced an ORR of 70.7%, with the median DOR reaching 20.70 months, highlighting TEVIMBRA's essential role in the durability of response observed with the regimen. The safety profile of ZIIHERA in combination with chemotherapy, with or without TEVIMBRA, was consistent with the known effects of HER2-directed therapy and immunotherapy, and no new safety signals were identified. Duration of treatment was longest on the ZIIHERA plus TEVIMBRA and chemotherapy arm. Rates of Grade greater than or equal to3 treatment-related adverse events were 71.8% with ZIIHERA plus TEVIMBRA and chemotherapy, 59.0% with ZIIHERA plus chemotherapy, and 59.6% with trastuzumab plus chemotherapy. Rates of discontinuation of ZIIHERA or trastuzumab due to TRAEs were 11.9% with ZIIHERA plus TEVIMBRA and chemotherapy, 8.5% with ZIIHERA plus chemotherapy, and 2.3% in the trastuzumab plus chemotherapy arm. The most common Grade greater than or equal to3 treatment-related adverse event was diarrhea. Importantly, discontinuation of either ZIIHERA or trastuzumab due to treatment-related diarrhea was uncommon/ Treatment-emergent diarrhea generally occurred early in treatment and resolved within 3 weeks. The manageable safety profile supports the feasibility of these combinations in the first-line metastatic setting. Zanidatamab is being developed by Jazz (JAZZ) and BeOne under license agreements from Zymeworks (ZYME), which first developed the molecule.
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- Significant Sales Growth: Harmony Biosciences' Wakix has shown remarkable success since FDA approval in 2019, generating $160 million in revenue in 2020, with projections nearing $870 million by 2025, reflecting an average annual growth rate of about 40%, which lays a solid foundation for future profitability.
- Profitability Improvement: Harmony became profitable in 2021, achieving a net income of $186 million over the past 12 months, with a market capitalization of $2.1 billion and an earnings multiple of just 12, indicating strong performance in sales growth and margin expansion.
- Patent Protection Risks: Despite Wakix's success, it is expected to lose patent protection in 2030, potentially facing generic competition; however, Harmony is developing pitolisant variants to extend patent protection into the mid-2040s, demonstrating strategic foresight for future market positioning.
- Intensifying Market Competition: Harmony faces fierce competition from Jazz Pharmaceuticals, whose Xywav and Xyrem generated nearly $1.3 billion in revenue in the first nine months of 2025, and potential generic competition could impact Harmony's revenue, necessitating close monitoring of its market share dynamics.
- Strong Financial Performance: Since FDA approval in 2019, Harmony's Wakix generated $160 million in revenue by 2020, with projected sales nearing $870 million by 2025, reflecting a 40% compound annual growth rate; however, the stock price has not followed suit, indicating market concerns about future prospects.
- Profitability Improvement: Harmony became profitable in 2021, achieving a net income of $186 million over the past 12 months, with a market cap of $2.1 billion and an earnings multiple of just 12, showcasing strong sales growth and margin expansion, yet market skepticism about sustainable growth remains.
- Patent Risk Concerns: Wakix is set to lose exclusive patent protection in 2030, prompting Harmony to develop new pitolisant variants to extend patent protection into the mid-2040s; however, market sentiment is cautious regarding the company's ability to fend off impending generic competition.
- Increased Competitive Pressure: Jazz Pharmaceuticals' Xywav and Xyrem generated nearly $1.3 billion in revenue in the first nine months of 2025, highlighting the intense competition Harmony faces, which could impact its market share and future revenue despite its strong financial performance.

- ZW191 Clinical Progress: Zymeworks' ZW191 shows a 64% overall response rate in phase 1 trials for advanced solid tumors, particularly among gynecological cancer patients receiving doses of 6.4 mg/kg or higher, indicating significant therapeutic potential that could drive long-term value for the company.
- Dose Optimization Initiated: The company has commenced dose optimization of ZW191 in ovarian cancer in the previous quarter, aiming to enhance efficacy and meet patient needs, thereby strengthening its competitive position in the market.
- Zanidatamab Milestones: Zymeworks is poised to receive substantial milestone payments related to its licensed program Zanidatamab, which is approved in the U.S. for HER2-positive biliary tract cancer, showcasing the company's robust potential in the biopharmaceutical sector.
- Strong Cash Reserves: As of December 31, 2025, Zymeworks held approximately $270.6 million in cash, providing ample funding for future R&D and market expansion, thereby enhancing its capacity for sustained growth in the industry.

- Leadership Appointment: Jazz Pharmaceuticals appointed Thomas Riga as Chief Business Officer effective January 1, 2026, bringing over 25 years of pharmaceutical experience and a proven track record of leading over $2 billion in business development deals, which is expected to enhance the company's strategic growth initiatives.
- Successful Transaction Background: While serving as Chief Operating Officer at Chimerix, Riga successfully directed the sale of the company to Jazz, facilitating the approval and launch of the first therapy for H3K27M-mutant diffuse midline glioma, impacting approximately 2,000 children and young adults annually in the U.S., showcasing his exceptional ability to navigate complex regulatory environments.
- Strategic Vision: Riga expressed his intent to leverage the existing expertise and capabilities of the company to drive innovative strategic transactions, thereby strengthening Jazz's corporate development capabilities and creating shareholder value while addressing unmet medical needs.
- Company Mission: Jazz Pharmaceuticals is dedicated to developing potentially life-changing medicines, particularly in oncology and neuroscience, and Riga's appointment is expected to further bolster the company's research and marketing capabilities in these critical areas.

- Extensive Leadership Experience: Thomas Riga brings over 25 years of pharmaceutical industry experience, having successfully led over $2 billion in business development deals, which is expected to enhance Jazz's market competitiveness.
- Strategic Deal Maker: As Chief Operating Officer at Chimerix, Riga directed corporate strategy, successfully completing the acquisition and securing U.S. approval for a therapy targeting H3K27M-mutant brain tumors, impacting approximately 2,000 patients annually.
- Innovative Drug Development: Riga played a pivotal role in the launch of Modeyso™ (dordaviprone), the first treatment for an ultra-rare brain tumor affecting primarily children and young adults, demonstrating his commitment to addressing patient needs.
- Vision for Future Growth: Riga expressed his intent to leverage the company's existing expertise and capabilities to drive innovative strategic transactions aimed at enhancing shareholder value and making a meaningful impact for patients with unmet medical needs.
- Clinical Trial Results: Jazz Pharmaceuticals' Phase 3 HERIZON-GEA-01 trial demonstrated that the doublet therapy of Ziihera plus chemotherapy improved progression-free survival (PFS) by 35%, while the triplet therapy reduced the risk of disease progression or death by approximately 37%, indicating significant clinical relevance.
- Survival Improvement: The triplet therapy achieved a median overall survival (OS) of over two years (26.4 months), marking the longest reported in a Phase 3 trial for GEA, representing more than a seven-month improvement compared to the control arm, thus providing substantial benefits to patients.
- Statistical Trends: The doublet therapy showed a median OS of 24.4 months, with a preliminary trend towards a 20% reduction in death risk, although not statistically significant (p-value of 0.0564), suggesting its potential clinical value.
- Future Analysis Plans: Jazz Pharmaceuticals plans an additional OS interim analysis for Ziihera plus chemotherapy in mid-2026, which may further validate its efficacy and safety, potentially offering new treatment options in the market.








