BeOne Medicines (ONC) said Thursday its investigational BGB-16673 protein degrader, which is intended to treat Waldenstrom's macroglobulinemia, received Priority Medicines designation from the European Medicines Agency.

BeOne Medicines said that, further to the designation, the EMA's Committee for Medicinal Products for Human Use provided a "positive" view on the company's EU Orphan Drug Designation application for BGB-16673 in Waldenstrom's macroglobulinemia, a rare type of cancer.

A final decision regarding the application is expected in the coming weeks, BeOne Medicines said.

The company said that the Priority Medicines designation was based on data that showed usage of BGB-16673 resulted in anti-tumor activity in B-cell malignancies.

BeOne Medicines shares were up nearly 1% in recent Thursday trading.

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