Pharma Stock Roundup: ABBV's Rinvoq Gets FDA Nod, BAYRY To Sell Animal Health Unit
Zacks Investment Research | Aug 22, 2019 09:40PM ET
This week, the FDA granted approval to AbbVie’s (NYSE:ABBV) oral JAK1-selective inhibitor, upadacitinib, to be marketed by the trade name of Rinvoq. Bayer (OTC:BAYRY) said it is selling its Animal Health business to newly created company, Elanco Health for $7.6 billion. Meanwhile, Glaxo (NYSE:GSK) , Pfizer (NYSE:PFE) and AstraZeneca (NYSE:AZN) provided pipeline and regulatory updates.
Recap of the Week’s Most Important Stories
FDA Approves AbbVie’s Upadacitinib: The FDA granted approval to AbbVie’s oral JAK1-selective inhibitor, EpiPen Jr auto-injector (0.15 mg) allergy treatment at a price of $300 for a pack of two. Generic versions of EpiPen Jr for young children along with EpiPen for adults in 0.3 mg and 0.15 mg strengths were approved by the FDA in August to treat life-threatening allergic reactions like anaphylaxis. Teva had launched the generic version of EpiPen auto-injector 0.3 mg for adults in November last year and has launched the version for kids now.
The NYSE ARCA Pharmaceutical Index rose 2.2% in the last five trading sessions.
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