Halozyme shares drop after AbbVie punts a failed program; Celgene buys another cancer drug
Shares of Halozyme dropped 10% this morning $HALO after the company announced that AbbVie opted to drop one of their partnered programs using their platform tech with a tumor necrosis factor alpha target. Their Phase I study fell short of its targets, forcing the end of the program. But they’ll continue to work together under the terms of their $153 million 2015 pact.
The prolific dealmaker Celgene has acquired rights to the cancer drug marizomib — a proteasome inhibitor being studied for glioblastoma and multiple myeloma — from the Triphase Accelerator Corporation. They’re keeping the details quiet for now, but Celgene is taking over development costs and is paying an upfront with milestones for the drug. “We are pleased with Triphase Accelerator’s rapid and high quality work to date, and we value the exceptional collaboration we have with them to advance marizomib,” said Celgene’s president of hematology oncology, Michael Pehl.
GSK and Innoviva (NASDAQ: INVA) have filed for an FDA approval of their triple combo for COPD, which includes fluticasone furoate/umeclidinium/vilanterol (FF/UMEC/VI 100/62.5/25 mcg).
A couple of months after Mast Therapeutics $MSTX acknowledged that its lead Phase III study for sickle cell disease had flopped, the penny biotech stock company says it’s making progress on figuring out next steps. Its top prospect now seems to be acting as a shell company for a reverse merger with a private outfit. And it’s still looking for some way to rid itself of vepoloxamer. Its nearly worthless shares are trading at 10 cents this morning.