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UPDATE: Alnylam shares jump 24% on positive results from late-stage trial of hATTR amyloidosis treatment
Sanofi and Alnylam Pharmaceuticals Inc. on Wednesday reported positive results in a late-stage trial of a treatment for Hereditary ATTR (hATTR) Amyliodosis patients with polyneuropathy. Alnylam shares jumped 24% after resuming trading following a halt. In a joint statement, the companies said an investigational RNAi therapeutic met its primary and secondary endpoints. The disease is an inherited one that is progressively debilitating and often fatal and is caused by mutations in the TTR gene. TTR protein is produced in the liver and usually acts as a carrier for vitamin A. Mutations can cause proteins to accumulate and damage organs and tissue, including the heart. About 50,000 people worldwide suffer from the disease, which currently has no approved treatment apart from liver transplant. Patients typically have a life expectancy of 2.5 to 15 years after the first symptoms appear. "This is a significant milestone that supports our belief that RNAi therapeutics have the potential to become an innovative new class of medicines for patients with rare genetic diseases," said Elias Zerhouni, M.D., president, global R&D at Sanofi in a statement. Alnylam shares had gained 100.4% in 2017 through Tuesday, while the S&P 500 has gained 12%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Eli Lilly to cut 3,500 jobs after part of cost cutting plan
Eli Lilly & Co. said it will cut about 3,500 jobs, or about 8.3% of its global workforce, as part of a streamlining plan aimed at cutting costs by $500 million a year. The drug giant expects most of the job cuts to come in the U.S. from a voluntary early retirement program, which it expects to be mostly completed by the end of the year. Other workforce reductions are expected to come from streamlining moves, including site closures. Lilly expects to record charges of $1.2 billion, or 80 cents a share, in the third and fourth quarters of 2017. The company plans to use the cost savings to improve its cost structure and reinvest in its business. "The actions we are announcing today will result in a leaner, more nimble global organization and will accelerate progress towards our long-term goals of growing revenue, expanding operating margins and sustaining the flow of life-changing medicines from our pipeline," said Chief Executive David Ricks. The stock, which slipped less than 0.1%, has gained 9.5% year to date through Wednesday, while the SPDR S&P Pharmaceuticals ETF has rallied 8.9% and the S&P 500 has tacked on 10%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Bristol-Myers says FDA places partial hold on Opdivo myeloma trials
Sept 6 (Reuters) - The U.S. Food and Drug Administration has
placed a partial hold on three clinical trials testing
Bristol-Myers Squibb's immunotherapy Opdivo in
combination with other medicines for multiple myeloma due to
risks seen in similar studies involving a rival drug, the
company said on Wednesday.
BRIEF-The Medicines Company announces FDA approval of Vabomere
Medicines Co(MDCO). * The Medicines Company(MDCO) announces FDA approval of Vabomere. * Vabomere expected to be available in Q4 of 2017 Source text for Eikon: Further company coverage:
AVEO Pharma stock rises 6% after cancer drug gets approved in Europe
AVEO Pharmaceuticals Inc. shares rose as much as 6.2% to $4.01 in extremely heavy morning trade Monday after the company's cancer drug was approved in Europe. The drug, Fotivda, was approved for adults with advanced renal cell carcinoma -- the most common type of kidney cancer -- in the European Union as well as Norway and Iceland. Fotivda is being licensed in Europe by Jazz Pharmaceuticals' EUSA Pharma Inc. The drug was recommended for approval by a scientific committee of the European Medicines Agency in late June, news that sent AVEO Pharma shares surging. AVEO Pharma shares have risen 426% over the last three months, compared with a 1.3% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Drugmaker Hikma reportedly hikes price of US medicines by up to 430%
Drugmaker Hikma's US unit reportedly raised the price of a common diarrhea drug by more than 400 percent.
A strong 2Q for Merck, outlook mixed
Sustained cost cuts helped push second-quarter profit at Merck up 61 percent, easily topping Wall Street expectations, as growing sales of new cancer and hepatitis C medicines offset growing competition that older drugs face from generics.
BRIEF-Mylan receives who prequalification for Generic Sovaldi
* Approval from World Health Organization prequalification
of medicines program of its application for Sofosbuvir tablets,
UPDATE 1-FDA puts hold on Merck multiple myeloma trials after deaths
July 5 (Reuters) - Merck & Co said on Wednesday the
U.S. Food and Drug Administration had placed a clinical hold on
three multiple myeloma studies testing its Keytruda in
combination with other medicines for the blood cancer after more
deaths were reported in patients receiving the Merck
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