Medicines Co. (MDCO) - Get Report shares surged higher Tuesday following a report that suggested the cholesterol drug maker has attracted takeover interest from Swiss pharmaceutical giant Novartis AG (NVS) - Get Report .
Bloomberg reported Tuesday that Parsippany, New Jersey-based Medicines Co. has held talks with Novartis, while taking expressions of interest from other possible buyers, adding to the stock's impressive year-to-date gains.
Earlier this week, Medicines Co. published encouraging results at an American Heart Association conference for Inclisiran, a twice-yearly treatment that could become a stand of care for patients suffering from high levels of LDL, the so-called 'bad' cholesterol. The group said it will seek FDA approval for the treatment later this year.
"The excellent results of ORION-9 are very encouraging for the many FH patients who require additional LDL-lowering to help them reach their treatment goals," said CEO Mark Timney. "Inclisiran presents the first-ever potential option for durable and potent lowering of LDL-C using twice-yearly dosing to give healthcare professionals more control over getting their patients to goal."
Medicines Co. shares were marked 22% higher in the opening minutes of trading Tuesday to change hands at $72.02 per share, a move that would put the stock's year-to-date gain at nearly 300% and value it at around $5.8 billion.
Novartis's Swiss-listed shares were marked 0.56% higher in Zurich Tuesday and changing hands at Sfr89.69 each, giving them a year-to-date gain of 16.7% and a market value of Sfr226.71 billion ($224 billion).