Spark catches fire in first trading day
Gene therapy developer Spark Therapeutics Inc. (NASDAQ:ONCE) gained $27 (117%) to $50 on Friday, its first day of trading after raising $161 million in an IPO on NASDAQ through the sale of 7 million shares at $23. The IPO price valued Spark at $540.3 million; it ended the day with a market cap of $1.2 billion.
Biogen up as earnings top estimates
Biogen Idec Inc. (NASDAQ:BIIB) jumped $35.58 (10%) to $388.83 on Friday, reaching an all-time high after its 4Q14 earnings beat the Street.
AbbVie forecasts $3B run rate for Viekira Pak
On its 4Q14 earnings call on Friday, AbbVie Inc. (NYSE:ABBV) forecast that it would achieve a global annualized sales run rate of $3 billion for HCV drug regimen Viekira Pak paritaprevir/ritonavir/ombitasvir/dasabuvir by YE15.
ImmunoGen gains on 4Q14 earnings
ImmunoGen Inc. (NASDAQ:IMGN) rose $1.43 (23%) to $7.63 on Friday after reporting 4Q14 earnings that beat analysts' estimates. The company has yet to regain ground lost in mid-December after Roche (SIX:ROG; OTCQX:RHHBY) reported disappointing data from a Phase III trial of breast cancer drug Kadcyla ado-trastuzumab emtansine, an antibody-drug conjugate of a humanized mAb against HER2 linked to ImmunoGen's DM1 cytotoxic agent (see BioCentury, Dec. 22, 2014).
Valeant makes $296M bid for Provenge
Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX) made a $296 million cash bid to acquire selected assets of bankrupt Dendreon Corp. (Pink:DNDNQ), including global rights to prostate cancer vaccine Provenge sipuleucel-T.
FDA approves Vyvanse for binge-eating disorder
FDA approved an sNDA under Priority Review for Vyvanse lisdexamfetamine dimesylate (S-877489) from Shire plc (LSE:SHP; NASDAQ:SHPG) to treat binge-eating disorder in adults. The agency said Vyvanse is the only FDA-approved treatment for this indication.
Tracon takes haircut, raises $36M in IPO
Oncology company Tracon Pharmaceuticals Inc. (NASDAQ:TCON) lost $0.60 to $9.40 in its first day of trading on Friday after raising $36 million in an IPO on NASDAQ through the sale of 3.6 million shares at $10. The price valued Tracon at $120.9 million, including shares purchased by New Enterprise Associates in a concurrent $5 million private placement at the IPO price.
Canadian venture firm CTI Life Sciences hired Janelle Anderson as managing partner and promoted Shermaine Tilley to managing partner from partner. Anderson was a managing director at MRL Venture Fund, the corporate venture arm of Merck & Co. Inc. (NYSE:MRK). Tilley joined CTI in 2006 and is a director at Xagenic Inc. (Toronto, Ontario) and Zymeworks Inc. (Vancouver, B.C.).
POLITICS & POLICY
Obama seeks $215M for Precision Medicine Initiative
President Obama detailed plans on Friday for the Precision Medicine Initiative first announced in last week's State of the Union address. The FY16 budget request, due for release next Monday, will include $215 million to launch the initiative (see BioCentury Extra, Jan. 21).
CDER names Shreeve communications director
FDA's Center for Drug Evaluation and Research hired Christine Shreeve as director of its Office of Communications (OCOMM), effective March 8.