Onyx's Kyprolis Cancer Drug Approved
Onyx shares rose 12% to $76.47 in late Friday trading.
Kyprolis will be used to treat patients with multiple myeloma that is no longer responding to other therapies, including Celgene's (CELG) Revlimid or Thalomid and Takeda's Velcade.
Onyx will be ready to launch the drug on Aug. 1. One 28-day treatment cycle of Kyprolis therapy will cost $9,950, higher than what the Street was expecting. Patients in the Kyprolis clinical trial were on drug about 4.4 months, Onyx said."The approval of Kyprolis provides a treatment option to patients with multiple myeloma whose disease has progressed despite use of available therapies," said FDA's cancer drug chief Richard Pazdur, in a statement. "We are encouraged by the continued progress in the development of drugs for multiple myeloma over the past decade, offering improved treatment of this disease." "Today's approval is a significant milestone for Onyx and, most importantly, for patients with advanced myeloma who have few treatment options available to them," said Onyx CEO Tony Coles, in a statement. Ligand Pharmaceuticals (LGND) will receive a royalty on Kyprolis sales. Ligand shares were down 11 cents to $17.42 in recent trading. --Written by Adam Feuerstein in Boston.
>To contact the writer of this article, click here: Adam Feuerstein. >To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein. >To submit a news tip, send an email to: firstname.lastname@example.org. Follow TheStreet on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV