Biotech Stock Roundup: REGN Cuts Praluent Price, OREX To File For Bankruptcy
Zacks Investment Research | Mar 13, 2018 11:12PM ET
Key highlights of the week include Regeneron announcing positive data on Praluent, Sarepta seeking rapid approval of second DMD drug, while Orexigen filing for bankruptcy.
Recap of the Week’s Most Important Stories
Regeneron/Sanofi Announce Positive Data on Praluent, Cuts Price: Regeneron Pharmaceuticals (NASDAQ:REGN) and partner Sanofi (NYSE:SNY) announced positive results from the ODYSSEY OUTCOMES trial on Praluent during a late-breaker session at the American College of Cardiology's 67th Annual Scientific Session in Orlando, FL. The trial met the primary endpoint as results showed that Praluent significantly reduced the risk of major adverse cardiovascular events (“MACE”) in patients with a recent acute coronary syndrome (“ACS”) event such as a heart attack. In June 2017, Regeneron and Sanofi announced that two phase IIIb/IV ODYSSEY-DM trials in patients with diabetes met their primary endpoints. Though the uptake of the drug hasn’t been encouraging, the cholesterol management market holds huge commercial potential. Both companies also announced a reduction in net price for Praluent in alignment with a new value assessment for high-risk patients from the Institute for Clinical and Economic Review. Meanwhile, a phase III study evaluating Praluent in homozygous familial hypercholesterolemia was initiated in the fourth quarter of 2017. (Read more: Biogen to Buy Mid-Stage Neuropsychiatry Asset From Pfizer )
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