Weekly Movers: XenoPort, Akari, Bayer…
pharmafile | May 31, 2016 | Feature | Manufacturing and Production, Research and Development, Sales and Marketing | Bayer, Sarepta Therapeutics, Stick Market, Stock, Xenoport, finance
Bayer-Monsanto story comes close on the heels of Sanofi-Medivation tussle as the pharma sector goes through the motions of consolidation. The news is being closely followed after Monsanto’s rejection of the initial proposal. It will be an intensely watched deal as investors wait for the story to unfold.
Here’s a quick look at some of the biggest movers of the week:
Shares in Xenoport (Nasdaq: XNPT) jumped following Arbor Pharma’s offer to buy the company. Xenoport said it has agreed to be acquired by Arbor for $7.03 per share in cash, or about $467 million.
The purchase price per share represents a 60% percent premium to the company’s closing price on May 20, 2016.
As per the terms of the agreement, Arbor will commence a tender offer to purchase all of the outstanding shares of XenoPort for $7.03 per share. The transaction is expected to close in the third quarter of 2016.
Akari Therapeutuics (Nasdaq: AKTX) stock rose nearly 5% after the company said it has received positive opinion for orphan drug designation for its Coversin in the European Union to treat Guillain Barré Syndrome.
Coversin, Akari’s lead clinical product is a second-generation complement inhibitor that acts on complement component-C5, preventing release of C5a and formation of C5b-9, also known as the membrane attack complex or MAC.
Guillain Barré syndrome is an acute immune-mediated post infectious polyneuropathy where the immune system is triggered into attacking peripheral nerves, leading to progressive, fairly symmetric muscle weakness and paralysis accompanied by absent or depressed deep tendon reflexes.
Shares in Sarepta Therapeutics (Nasdaq: STPT) jumped 22% in early trading after the US Food and Drug Administration pushed the ruling on its drug for muscle wasting disease, driving expectations of an approval for the therapy.
The Food and Drug Administration notified Sarepta that it won’t complete its review of the drug, known as eteplirsen, by May 26 deadline, the company said.
The drug is under review for Duchenne muscular dystrophy, a degenerative disease that mostly affects boys.
Opexa Therapeutics stock (Nasdaq: OPXA) jumped nearly 40% after analysts reiterated a buy rating on the company.
Earlier, in May the company narrowed its loss for the quarter ended March 31, 2016, to $2,160,394, or $.31 per share from a net loss of $3,350,880, or $.95 per share a year ago. The lower net loss is primarily related to the fall in research and development expenses, specifically site payments relating to the ongoing Abili-T clinical trial and related lab supplies.
Shares in Ionis Pharmaceuticals (Nasdaq: IONS) dropped to close down over 39% after the company said partner GlaxoSmithKline (LSE: GSK) has decided against initiating the planned Phase III trial for the drug to treat transthyretin (TTR) amyloid cardiomyopathy.
GSK will consider options for TTR amyloid cardiomyopathy once additional clinical data are available from [other] ongoing studies, Ionis said.
In April, the US FDA placed a clinical hold on the planned study as a result of safety findings in the late-stage trial.
In 2010, GlaxoSmithKline entered into a partnership with Ionis, formerly known as Isis Pharmaceuticals, to use the latter’s antisense drug discovery platform for the development of treatments for rare and serious diseases, including infectious diseases and some conditions causing blindness.
Anjali Shukla
Related Content
Evotec and Bayer announce new kidney disease study
Evotec and Bayer have announced the initiation of a phase 2 clinical study in kidney …
Hansa Biopharma announces positive data for Duchenne muscular dystrophy gene therapy
Hansa Biopharma has announced encouraging results from its ongoing SRP-9001-104 trial, which is investigating the …
Third application for Orion’s prostate cancer drug submitted by partner Bayer
Finnish pharmaceutical company Orion has announced that its partner Bayer is applying for a third application …
