Healthcare Business Review: Onyx Survives Trial FAILURE, Synergy BUYS Callisto
Here are Monday’s top stories:
Nexavar treatment for liver cancer, which is made jointly by Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) and Bayer A.G. (BAYZF.PK), was used in combination with Tarceva, but the pairing failed to improve survival rates compared with Nexavar on its own in a Phase III trial. Tarceva, which is already used for lung cancer, is marketed by the Astellas Pharma and Roche division Genentech. However, Jefferies still calculates an acquisition valuation for Onyx at $122 per share.
Novartis AG’s (NYSE:NVS) Afinitor drug, which received an FDA okay on Friday for use in breast cancer, has been profiled by Bloomberg. The medicine, which was already approved for kidney tumors and organ transplant patients, generated sales of $318 million in first half, and Tim Race at Deutsche Bank say that sales could rise to $2.5 billion by 2016.
Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) acquires Callisto Pharmaceuticals, which is a development stage bio-pharmaceutical firm that primarily concentrates upon the development of medications to treat gastrointestinal disorders and diseases.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.