Biotech Stock Roundup: FDA Nod For First Cancer Biosimilar, HALO Up On Deals, Raised Outlook
Zacks Investment Research | Sep 20, 2017 08:45AM ET
A key development this week was the FDA approval of the first cancer biosimilar - Amgen (NASDAQ:AMGN) and Allergan’s Mvasi, a biosimilar version of Roche’s blockbuster cancer drug, Avastin. Other updates include important data presentations from companies like Nabriva Therapeutics (NASDAQ:NBRV) and AbbVie (NYSE:ABBV) .
Recap of the Week’s Most Important Stories
First Cancer Biosimilar Gets FDA Nod: The FDA approved Amgen and Allergan’s Mvasi, a biosimilar version of Roche’s blockbuster cancer drug, Avastin (bevacizumab). Mvasi can be used for all eligible indications of the reference product. Approval was in line with expectations considering the favorable vote the biosimilar got from an FDA advisory panel recently. The approval is quite a boost for the companies as well as the effort to lower drug prices though so far biosimilars are yet to make a significant dent in referenced product sales in the United States. Mvasi is under review in the EU (Read more: Alexion to Cut Jobs, Streamline Operations, Kura Up on Cancer Data ).
What's Next in the Biotech World?
Watch out for the usual regulatory and pipeline updates.
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