Biotech Stock Roundup: Summit Soars On Sarepta Deal, Regeneron Presents Data
Zacks Investment Research | Oct 04, 2016 09:29PM ET
It was an eventful week for the biotech sector with companies like Regeneron (NASDAQ:REGN) and Intra-Cellular Therapies (NASDAQ:ITCI) presenting data while Summit (NASDAQ:SMMT) shot up on a collaboration agreement with Sarepta (NASDAQ:SRPT) .
Recap of the Week’s Most Important Stories
Summit Shoots Up on Sarepta Collaboration: Summit’s shares shot up 65.9% on the company’s deal with Sarepta granting rights to its utrophin modulator pipeline in Europe, Turkey and the Commonwealth of Independent States for the treatment of Duchenne muscular dystrophy (DMD). The companies will collaborate for the development of novel treatments for DMD. In addition to receiving an upfront payment of $40 million, Summit is entitled to receive up to $522 million on the achievement of ezutromid-related milestones plus escalating royalties. The companies will share R&D costs. Ezutromid is the lead candidate in Summit’s pipeline. Summit’s utrophin modulation technology has the potential to lead to the development of disease-modifying treatments for all DMD patients, regardless of their underlying dystrophin gene mutation.
Summit is a Zacks Rank #2 (Buy) stock. You can see Amgen (NASDAQ:AMGN)'s Kyprolis Disappoints, Array Up on Cancer Data ).
What's Next in the Biotech World?
Watch out for the usual pipeline and regulatory updates from biotech companies.
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