Surprised $GMAB is up only 3% after P2 update on Rina-S which puts it back in the game in the highly competitive ovarian cancer space. Efficacy was strong with a ~47% response rate and PFS of 9.5 months. Safety was better than expected with a low discontinuation rate although >Gr3 hem tox had an incidence of 30% (55% had to use prophylactic GCSF to take of neutropenia) The market is still skeptic because Rina-S is considered a more toxic ADC vs some of the newer topo1-based ADCs from Lilly, AZ, Daiichi and Gilead which also generated slightly higher response rates (50-60%) in P1. While this may still be the case, today's news position Rina-S favorably for its P3 readout (expected in Q4) where it is very likely to beat standard of care chemo (which won't come close to a 47% ORR and PFS of 9.5 months). Approval could come next year and make Rina-S the treatment of choice in 2nd line ovarian cancer. This will block other topo1 ADCs from entering the market via accelerated approval and could make it difficult for them to generate a positive overall survival signal. It could also impact patient recruitment. The best commercial benchmark is Elahere, an ADC approved for a third of ovarian patients selling at a $850M run rate which translates to a $3B sales potential for an ADC approved for the entire population. Safety profile and combinability for earlier stages are the main concerns right now but it is still unclear whether other ADCs are significantly cleaner as their safety package is from smaller P1 data sets.