Ono Pharmaceutical: Makes Conference Presentation on ONO-2808 for Multiple System Atrophy (MSA)

Research evidence excerpt

Ono Pharmaceutical: Makes Conference Presentation on ONO-2808 for Multiple System Atrophy (MSA)

Update

May 28, 2026 01:29 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MOno Pharmaceutical (4528) | Japan Shinichiro Muraoka

Equity Analyst

Makes Conference Presentation Shinichiro.Muraoka@morganstanleymufg.comJaeheon Lee +81 3 6836-5424

Jaeheon.Lee@morganstanleymufg.com +81 3 6836-8443

on ONO-2808 for Multiple

System Atrophy (MSA)

Key Takeaways Ono Pharmaceutical (4528.T, 4528 JT)

Despite being Ph2 (n=92), efficacy/safety signals look encouraging. Further Pharmaceuticals | Japan

details due to be announced at Jun 8 R&D meeting. Stock Rating Underweight

Industry View In-Line

With regard to the WPC conference poster presentation on May 27 (US time), Price target ¥1,950

Shr price, close (May 27, 2026) ¥2,367

Ono today only released a summary via press release. Mkt cap, curr, basic (bn) ¥1,112.3

Avg daily trading value (bn) ¥5.1

Efficacy: Change from baseline of mUMSARS score at 24 weeks was 1.39 and 1.16

in the medium- and high-dose groups, respectively (vs. 3.90 for placebo group).

Rival drug Amlenetug from Lundbeck (Ph3 ongoing) had a 27% change at 72

weeks. Ono has not disclosed baseline, but appears to have outperformed

Lundbeck.

Low-dose figures as yet undisclosed, but Ono said dose dependency looks to be

confirmed. Safety is comparable to placebo.

Our interpretation: These are still results from a small Ph2 trial. Although we wish

to temper expectations, we now look forward to Ph3 results in 3-4 years, together

with ONO-4578 (gastric cancer, EP4). MSA is a neurodegenerative disorder similar

to Parkinson's.

Share price impact: With both ONO-4578 and ONO-2808 entering Ph3, data

updates in the next 2-4 years will be limited. We expect the share price to react