Arrowhead touts hep B data, shares rocket up; Eli Lilly's animal health unit files big IPO
→ Arrowhead Pharmaceuticals saw its share price $ARWR rocket up 43% on Thursday morning after the company unveiled new data that it says support the work they’re doing on an RNAi therapy for hepatitis B. They call the therapy “potentially curative” in their release. Their statement: “The data demonstrate that three monthly doses of ARO-HBV led to a maximum reduction in circulating HBV surface antigen (HBsAg) of 4.0 log10, with mean reductions of approximately 2.0 log10 on day 85 in the 100 mg cohort and 1.4 log10 on day 71 in the 200mg cohort (currently the last complete data point available). All eight patients achieved greater than 1.0 log10 reductions in circulating HBsAg.”
→ Eli Lilly’s Elanco Animal Health operation is spinning out in style. The company expects to raise upwards of about $1.45 billion with its IPO, giving it a market cap of $8 billion. They plan to sell 62 million shares at a range of $20 to $23.
→ Novartis is also selling off a portion of the business. The pharma giant has inked a deal to sell its US dermatology business and generic oral solids portfolio at Sandoz to Aurobindo in India for $900 million in cash and another $100 million in milestones. The sale covers 300 products that fetch $600 million a year.