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Myelodysplastic Syndromes: two biotech companies racing to a treatment

OncologyConcentrated betData as of 2026-09-04

Competitors2in the clinic
Median market cap$1.5Buniverse median $1.20B
Allocated capital$572M$2.9B competing
Phase 3 or filed02 mid, 0 early
Pure plays0this indication only
Capital rank197/299crowding rank 96

Myelodysplastic Syndromes is a two-horse race: Agios Pharmaceuticals (AGIO, $2.0B) against Geron (GERN, $970M).

A duopoly prices differently from an empty field. Each company is the other's comparable, so a readout from either side repositions both, and $572M of allocated capital sits on the pair.

AGIO carries 67% of the $2.9B competing here, so the pair is far from evenly matched.

$572M of allocated capital sits in Myelodysplastic Syndromes, ranking it 197th of 299 indications by the money committed to it.

Companies developing drugs for Myelodysplastic Syndromes 2

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
AGIOAgios PharmaceuticalsTebapivatPhase 21$2.0BNo6 31 Dec 2026
GERNGeronImetelstatPhase 22$970MNo4 31 Dec 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. AGIO holds 67% of the $2.9B competing in this indication.

Why Myelodysplastic Syndromes is a concentrated bet

Few competitors, each one large. The market pays a scarcity premium to compete here.

The map splits indications on two folds: six or more competitors counts as crowded, and a median company above $1.20B counts as richly priced. Myelodysplastic Syndromes has 2 competitors and a median of $1.5B.

Oncology

Oncology holds $187B of the map's capital, 27.8% of the total, spread across 119 indications and 103 companies. 34 of those indications have more than one company competing.

See every Oncology indication on the map

Related indications in Oncology

Relapsed or Refractory Non-Hodgkin's Lymphoma1 company · $601M · median $601MUncontestedCastration-Resistant Metastatic Prostate Cancer1 company · $613M · median $1.2BUncontestedAdvanced Cutaneous Melanoma1 company · $634M · median $1.3BUncontestedMetastatic Hepatocellular Carcinoma1 company · $495M · median $1.5BUncontestedMalignant Melanoma1 company · $657M · median $3.9BUncontestedUnresectable Melanoma1 company · $657M · median $3.9BUncontestedHER2 Expressing/Amplified Solid Tumors1 company · $484M · median $1.9BUncontestedHormone-refractory Prostate Adenocarcinoma1 company · $484M · median $1.9BUncontested

Myelodysplastic Syndromes pipeline questions

Which biotech companies are developing drugs for Myelodysplastic Syndromes?

Agios Pharmaceuticals (AGIO, Tebapivat, Phase 2); Geron (GERN, Imetelstat, Phase 2). Those are the 2 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Myelodysplastic Syndromes.

How advanced is the Myelodysplastic Syndromes pipeline?

Of the 2 clinical-stage programmes in Myelodysplastic Syndromes, 0 are in Phase 3 or filed, 2 are in mid-stage development and 0 are in early-stage development.

Which company leads the Myelodysplastic Syndromes field?

AGIO is the largest developer in Myelodysplastic Syndromes, holding 67% of the $2.9B of market capitalisation competing in the indication. The median competitor is worth $1.5B.

When is the next Myelodysplastic Syndromes catalyst?

The next dated catalyst in Myelodysplastic Syndromes is AGIO on 31 Dec 2026. 2 dated events across the field fall in the next 12 months.

How this page is built

  • Universe is US-listed drug developers with a $100M to $20B market capitalisation, identified by SEC SIC code 2833, 2834 or 2836 or by a pharmaceutical or biotechnology industry classification, less a reviewed exclusion list of contract research organisations, device and diagnostics makers and diversified generics manufacturers.
  • An asset attributed to three or more different companies is treated as shared standard of care rather than any one company’s programme and excluded. Pembrolizumab alone appears under 21 tickers in raw trial data.
  • A programme counts only where at least one industry-sponsored trial supports it, so investigator-initiated academic studies of third-party drugs are excluded.

Allocated capital divides each company’s market capitalisation evenly across the indications it is running clinical programmes in, so every dollar of the universe is counted exactly once. Total market capitalisation competing counts a company in each of its indications and therefore sums to more than the universe.

Third-party market size estimates are not used anywhere on this page. Approved incumbents are excluded from competitor counts, and companies above $20B are outside the universe by construction.

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