Weekly Movers: Array BioPharma, Amicus Therapeutics, Genocea Biosciences, Tesaro Inc, Incyte, Clovis Oncology
pharmafile | April 11, 2016 | Feature | Manufacturing and Production, Research and Development, Sales and Marketing | Index, Movers, markets, stocks
Shares in Botox-maker Allergan (NYSE: AGN) plunged over 17% in intra-day trading as the $160 billion merger seal with US pharma major Pfizer (NYSE: PFE) was terminated. The announcement closed the chapter on what could have created the largest healthcare on the planet.
As investors and newsmongers tried to decode the break-up, it was busy as usual in the world of pharma. Drug trial results along with licencing agreements led stock movements for drug makers and biotech firms this week.
Here’s a quick look at the movers of the week:
Array BioPharma (Nasdaq: ARRY) stock dropped 4% after the company announced it is pulling the plug on one of three clinical trials for its cancer drug binimetinib.
The company is ending Phase III trials of binimetinib for ovarian cancer, after a planned interim analysis showed that the treatment was not meeting its goals.
Array BioPharma has five studies related to three cancer drugs, including binimetinib, encorafenib to treat colorectal cancer, and selemetinib to treat lung and thyroid cancers.
Amicus Therapeutics (Nasdaq: FOLD) stock rose 4.6% on news its drug to treat Fabry disease has cleared a major hurdle for regulatory approval in Europe with a final European Commission decision expected later this year.
The European Committee for Medicinal Products for Human Use has adopted a positive opinion to approve migalastat for Fabry disease, the company said.
Fabry disease is a genetic disorder that affects about 5,000 to 10,000 people across the world. The disease is caused by deficiency of an enzyme that is intended to degrade a specific lipid. Buildup of the lipid results in symptoms such as pain, kidney failure and higher risk for heart disorders and stroke.
Shares of Genocea Biosciences Inc (Nasdaq: GNCA) nearly doubled following positive efficacy data from mid-stage trials for its drug to treat genital herpes.
A second Phase II study for the drug candidate, GEN-003, in genital herpes is underway, and efficacy data is expected in the third quarter of 2016.
Shares in oncology-focussed Tesaro Inc (Nasdaq: TSRO) jumped after the company said pharma major Johnson & Johnson (NYSE: JNJ) will pay $85 million for rights to develop and sell its trial-drug to treat prostate cancer.
Under the terms of the deal J&J will invest $50 million in Tesaro’s stock, paying $44.24 a share. In addition, the company will pay $35 million in cash up front for rights to the cancer drug, niraparib, Tesaro said in a statement.
Incyte Corp (Nasdaq: INCY) stock soared to close up over 11.5% as the company said it has purchased rights to Eli Lilly’s (NYSE: LLY) trial drug to treat bone-marrow or stem-cell transplant disorders for $35 million.
Under the agreement, US-based Eli Lilly could also receive potential additional payments if certain regulatory milestones are met. The drug, ruxolitinib, treats a condition called graft-versus-host disease (GVHD). The drug is not approved anywhere in the world as treatment for GVHD.
Ruxolitinib is part of a class of drugs known as JAK1/JAK2 inhibitors and has been approved by the US Food and Drug Administration (FDA) to treat two bone marrow conditions.
Shares in Clovis Oncology Inc (Nasdaq: CLVS) plunged to close down nearly 18% after the US regulators expressed doubts if the company’s drug candidate to treat lung cancer was more effective than existing treatments and raised concerns over its safety profile.
The trial drug, rociletinib, is targeted at treating a category of patients with advanced non-small cell lung cancer whose disease has worsened despite treatment.
UK-based AstraZeneca Plc’s (LSE: ANZ) Tagrisso is prescribed as treatment in similar indication.
Related Content
Profits over patients: US pharma spending billions on investor payouts
In 2017 Donald Trump signed the Tax Cuts and Jobs Act (TCJA), creating billions of …
ImmunoGen shares plummet by 32% after FDA recommends new Phase 3 trial
Shares in ImmunoGen fell 32% in premarket trading after the firm said the FDA had …
US States allege 20 generic drugmakers fixed prices of generic drugs
Forty-four US States have filed a lawsuit against 20 generic drugmakers – including Teva Pharmaceuticals …
