Biotech Endocyte (ECYT) and its big-pharma partner Merck (MRK) got a double dose of good news on their cancer drug vintafolide Friday, more than doubling Endocyte’s stock on the stock market today. First, the European Medicines Agency’s advisory committee recommended conditional approval of vintafolide, branded Vynfinit, along with two companion imaging agents for treatment of ovarian cancer. The imaging agents are used to identify cancers that
Big pharma Merck (MRK) missed sales estimates in its Q4 results and 2014 guidance Wednesday, but the stock hit a six-year high anyway after it announced a new set of deals in its cancer program. Merck said profit in the most recent quarter totaled 88 cents a share, up 6% from the year-earlier quarter and in line with analysts’ consensus. Sales shrank 4% to $11.32 billion, a bit below consensus of $11.36 billion. The 2014 guidance followed a
Drugmaker Akorn (AKRX) acquired rights to three eye-drop brands from Merck (MRK) division Inspire Pharmaceuticals Friday, sending Akorn stock to a new high in midday trading on the market. Akorn paid $52.8 million for two variants of glaucoma treatment Cosopt, along with AzaSite for bacterial conjunctivitis. The move added to Akorn’s strategy to become a top player in ophthalmology, which fueled its decision to buy Hi-Tech Pharmacal earlier this