UBS confirms its Buy recommendation on the share and raises its target price to 2040 pence (from 1860 pence), representing a potential upside of 23%.

' We are raising our forecasts on Blenrep to reflect the positive results of the DREAMM-7 and DREAMM-8 studies' says the analyst firm.

According to the preliminary results of the phase III study, the antibody-conjugate Blenrep combined with PomDex, a standard treatment for the disease, showed a 'statistically significant' and 'clinically relevant' improvement in progression-free survival compared with existing therapies.

For UBS analysts, these findings are likely to breathe new life into the Blenrep franchise, paving the way for a potential return to the US market.

Blenrep was initially granted fast-track status in the US for the treatment of heavily-treated myeloma patients, but had to abandon its marketing plans after a confirmatory study failed," the research firm points out.

UBS now sees a 90% probability of commercialization, with annual sales that it believes could reach $200 million.

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