Indevus Soars on FDA, Teva Deal News (Update)
Updated from 10:47 a.m. EDT Indevus (IDEV) shares surged early Friday on a positive regulatory update on one product and a new partnership deal for another.
The specialty pharmaceutical firm has reached with the Food and Drug Administration and will now resubmit its application for its testosterone replacement therapy Nebido sooner than expected. Separately, Indevus said it signed an agreement with Teva Pharmaceutical (TEVA) for its pagoclone for the treatment of stuttering.
Shares of the Lexington, Mass.-based company were rising $1.50, or 86.7%, to $3.23 in recent midday trading.
Indevus said in June that the FDA would withhold approval and would require additional safety data on Nebido, a long-acting injectable testosterone.Executives said a new clinical trial could be necessary to collect that safety data, estimating that it wouldn't be able to resubmit its application for at least 18 months. On Friday, the company said it now expects to use existing data and resubmit its application in the first quarter of 2009. Given an estimated six-month FDA review time, assuming approval, Indevus said it will be in a position to launch the injection in the fourth quarter of 2009. Indevus will fork over a database with safety information from more than 14,000 injections in more than 2,600 patients from existing trials in the U.S. as well as post-marketing studies in Europe. The FDA, according to the company, has said this database will suffice to determine the incidence of serious post-injection oil based reactions.
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