Synergy’s Trial Results, Abbott Completes AbbVie Separation: Healthcare Business Recap
On Wednesday, Synergy Pharmaceuticals (NYSE:SGYP) said that plecanatide, its investigational oral mediction for the treatment of chronic idiopathic constipation, was well tolerated and achieved the primary and key secondary endpoints of a Phase IIb/III clinical evaluation. Full results will be presented at a major scientific meeting in 2013.
Abbott Laboratories (NYSE:ABT) finalizes the separation of its research-based pharmaceuticals division that is now the independent biopharmaceutical firm AbbVie (ABBV), which commences trading independently on the New York Stock Exchange on Wednesday. On November 28th, Abbott’s board of directors declared a special dividend distribution of all outstanding shares of AbbVie common stock. For every share of Abbott common shares held as of close on December 12th, Abbott shareholders received a share of AbbVie common stock on January 1st.
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The European Commission has awarded an orphan medicinal product designation to Emergent BioSolutions (NYSE:EBS) for a humanized single chain monoclonal antibody against CD37, also known as TRU-016, for the treatment of chronic lymphocytic leukemia. The move marks an important step in the development of TRU-016 and underscores the medical need in treating B-cell malignancies like CLL, according to Senior Vice President and Chief Medical Officer Scott C. Stromatt, M.D. of Emergent BioSolutions.
Shares of Dynavax Technologies (NASDAQ:DVAX) spiked but stayed green on their initiation of coverage at JPMorgan on Wednesday. The firm began Dynavax with a Neutral and a price target of $2.85. On Monday, the shares closed at $2.74 with a 52-week range of $2.22 to $5.34.