Healthcare Business Recap: Onyx’s Drug Gets APPROVED, Somaxon DIVESTS Shares
Chief Executive John Maraganore of Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) reports that the firm is in talks with “more than one” potential partner to help it conduct Phase II and Phase III evaluations of its ALN-PCS treatment for high cholestoral. Maraganore declined to name names, however.
Shares of Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) are upgraded to Outperform along with a price target rise from $65 to $82 at Leerink Swann, which said that the failure of Bristol-Myers Squibb Company’s’ (NYSE:BMY) brivanib to meet its primary survival objective constitutes a “significant positive” for the long-term outlook of Onyx’ Nexavar liver cancer medication. Meanwhile, the firm’s shares popped as Adam Feurstein at TheStreet.com speculated that Kyprolis, Onyx’ multiple myeloma drug, has been approved by the FDA’s Oncologic Drugs Advisory Committee which is reviewing the drug at its meeting Friday. On official word of the approval at noon, Ligand Pharmaceuticals Inc. (NASDAQ:LGND) shares moved up significantly on the news.
Somaxon Pharmaceuticals, Inc. (NASDAQ:SOMX) shares move down on the news that the company is divesting around 9.4 million shares of its common stock and warrants, in a registered direct offering to buy up to approximately 4.7 million shares of its common stock to institutional investors at 32 cents per share and per warrant. Aggregate proceeds from the transaction will amount to about $3 million.
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