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European stocks traded mixed on Friday, as Germany reported weak growth data and investors weighed up another 5,000-plus cases in China of the deadly COVID-19 virus. The Stoxx Europe 600 index SXXP, +0.16% was flat at 431.33, after a loss of 0.02% on Thursday, but still poised for a 1.6% weekly gain. The FTSE 100 index UKX, +0.11% was flat, while […]
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At least 110 people in 26 states have been identified as persons under investigation for coronavirus, Centers for Disease Control and Prevention officials said Monday, as global markets struggled to perform against growing concerns about the outbreak. Five people in Arizona, California, Illinois and Washington have been diagnosed with the novel virus, which was first identified in December in Wuhan, […]
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Novan Inc.’s (NOVN) shares plunged around 73 percent in the extended trading on Nasdaq after the company announced that phase III program with SB206 for the treatment of molluscum contagiosum has failed to achieve statistically significant results for the primary endpoint of efficacy. The clinical development-stage biotechnology company noted that the phase III program, dubbed B-SIMPLE, consists of two trials […]
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U.S. drugmaker Amgen Inc. said it is buying a roughly 20% stake in a Chinese biotechnology company for $2.7 billion in cash, further demonstrating China’s emergence as a key market for foreign pharmaceutical companies. Amgen said BeiGene Ltd., a Beijing-based company focused on oncology, is going to commercialize certain Amgen treatments in China and will split those earnings or losses. […]
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Biotech stocks are some of the most exciting investments on Wall Street. When one company develops a successful treatment for a complex condition, shares can surge overnight and attract buyout interest from Big Pharma. But when a drug trial fails, it can go down in flames. Case in point: Biotech giant Biogen BIIB, -4.48% imploded roughly 30% on Thursday after announcing […]
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It’s been a dreary start of the year for initial public offerings in the U.S. The average share price increase for the 16 companies that went public this year was only 3.3 percent through Friday — and that’s factoring in the 52 percent first-day share pop for a biotech company that raised only $7 million. Nine of the companies closed […]
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A new proposal from the Centers for Medicare & Medicaid Services would have Medicare cover FDA-approved CAR T-cell therapies, according to a Friday announcement from the agency. CAR T-cell therapy is a new form of cancer therapy that harnesses a patient’s own immune system to fight the disease. There are currently only two approved CAR-T cell therapies, Novartis’s NVS, +0.65% […]
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Shares of biotech Pain Therapeutics Inc. PTIE, -8.05% fell 18% Tuesday after the company released a statement railing against the U.S. Food and Drug Administration’s refusal to approve drug candidate Remoxy, an extended-release form of oxycodone that the company says has abuse-deterrent qualities. Pain Therapeutics accused the FDA of making “math errors, material mistakes or misrepresentations” during its June advisory committee […]
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Shares of Dublin-based Allergan Plc AGN, +0.73% rose 0.8% on Tuesday morning after hedge-fund firms Appaloosa LP and Senator Investment Group reiterated their calls for the drug company to separate its CEO and chairman roles. The firms had previously asked the board to separate the roles in separate letters sent in April, May and June. The CEO and chairman roles […]
Read more Alkermes PLC ALKS, +0.64% said late Friday that the Food and Drug Administration told the biotech drug maker that it is unable to approve one of its antidepressants at this time. Alkermes shares, which fell 4.8% after hours, had closed Friday up 0.6% at $33.08. The FDA said it was unable to approve the marketing application for the drug candidate […]
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