Biotech Stock Roundup: Pfizer To Buy Anacor For $5.2B, Pipeline Setbacks For Aduro, Trevena
Zacks Investment Research | May 19, 2016 03:36AM ET
Acquisitions and deals continue to make news in the biotech sector. Pfizer (NYSE:PFE), which is rumored to be interested in acquiring Medivation (NASDAQ:MDVN) , announced that it will be acquiring Anacor (NASDAQ:ANAC) for about $5.2 billion. Meanwhile, Sanofi (PA:SASY) remains committed to acquiring Medivation.
Apart from this, companies like Aduro (NASDAQ:ADRO) and Trevena (NASDAQ:TRVN) came out with disappointing data from mid-stage studies.
Recap of the Week’s Most Important Stories
1. Anacor’s shares shot up more than 57% with the company agreeing to be acquired by Pfizer for approximately $5.2 billion. The acquisition is slated to close in the third quarter – Anacor has a late-stage eczema treatment currently under FDA review with a response from the agency expected by Jan 7, 2017 (Read more: Trevena Down on Negative Phase IIb Data on TRV027 ).
4. Tetraphase’s (NASDAQ:TTPH) shares were down following an update regarding the regulatory path for its lead candidate, eravacycline, an antibiotic. The company said that the FDA has asked it to provide data from an additional phase III study. The company will be conducting two late-stage studies. Top-line data from the pivotal complicated intra-abdominal infections (cIAI) study are expected in the fourth quarter of 2017 assuming the study commences in the fourth quarter of 2016.
The other study will be conducted in patients with complicated urinary tract infections (cUTI) to support label expansion.
5. French drugmaker, Sanofi, remains committed to acquiring Medivation. Last week, the company filed for premerger notification regarding its intention to acquire Medivation. Sanofi intends to acquire Medivation for $52.50 per share (approximately $9.3 billion). However, Medivation has rejected Sanofi’s proposal while companies like Amgen (NASDAQ:AMGN) and Pfizer are rumored to be interested in acquiring Medivation.
Performance
Vertex (NASDAQ:VRTX) recorded a decline of 2.30% last week while Regeneron gained 4.95% during this period. Meanwhile, Vertex lost 38.68% over the last six months.
The NASDAQ Biotechnology Index was up 2.56% over the last five trading days (See the last biotech stock roundup here: Zacks Investment Research
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