Weekly Movers: Medivation, Bind Therapeutics, Insys…
pharmafile | July 11, 2016 | Feature | Manufacturing and Production, Research and Development, Sales and Marketing | Medivation, XBiotech, juno therapeutics, markets, stocks
Medivation (Nasdaq: MDVN) stock rose after the company announced it has entered a confidentiality agreement with a number of parties that have expressed interest in exploring a potential transaction, including French drug major Sanofi (Euronext: SAN).
Medivation also confirmed that its Board of Directors unanimously rejected a proposal to be acquired by Sanofi, which was valued at $58.00 per share.
Medivation broke out of Tuesday’s range around mid-afternoon and closed up by 1.64 at $61.76 on above average volume. The stock closed challenging the upper end of a 2-month trading range. Medivation is now up 0.74 after the bell.
Shares in Bind Therapeutics (Nasdaq: BIND) jumped after the company said it has filed a motion for court approval of a stalking horse asset purchase agreement bid from US pharma giant Pfizer (NYSE: PFE). Pfizer has agreed to acquire substantially all of Bind’s assets for about $20 million in cash.
Insys Therapeutics (Nasdaq: INSY) shares rose after the company said the US Food and Drug Administration has approved Syndros, a liquid form of cannabinoid dronabinol to treat anorexia.
The drug has been approved for the treatment of anorexia associated with weight loss in patients with AIDS, and nausea and vomiting associated with cancer chemotherapy in patients.
Shares in Juno Therapeutics (Nasdaq: JUNO) dropped nearly 30% after the company said Phase II trials for a blood cancer drug candidate were suspended by the US Food and Drug Administration (FDA) following the death of two patients.
The deaths followed the recent addition of chemotherapy drug, Fludarabine, to the pre-conditioning program, according to Juno. The company wants to continue the trial using the compound with cyclophosphamide pre-conditioning alone.
XBiotech (Nasdaq: XBIT) shares plunged to halve in value after the company reported late-stage trial results for its lead cancer drug.
The data presented at European Society of Medical Oncology’s World Congress on Gastrointestinal Cancer, Barcelona in July raised doubts after the company reported on symptoms associated with disease progression.
The trial did not compare survival in patients administered the drug, Xilonix, to treat colorectal cancer, the standard method of assessing effectiveness, because everyone in the study was offered the drug after eight weeks, the company said.
Anjali Shukla
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