OSI Pharma Soars on AstraZeneca's Loss
Prospects for the biotech's cancer drug get a boost after a major setback for the U.K. drugmaker.
Shares in
OSI Pharmaceuticals
(OSIP)
and
Genentech
(DNA)
jumped Friday after
AstraZeneca
(AZN) - Get Report
said new medical data showed its lung cancer drug Iressa provided no survival benefit in the overall population.
OSI's and Genentech's cancer drug Tarceva was recently approved by the Food and Drug Administration.
OSI gained $19.85, or 42%, to $66.95, while Genentech's rose $4.01, or 8.2%, to $52.50 in premarket trading.
AstraZeneca shares plunged $2.99, or 7.5%, to $36.70, a 52-week low, in the premarket. Its shares also fell sharply in European trading.
Imclone Systems
(IMCL)
, which also markets a cancer drug, Erbitux, gained $1.82, or 4.1%, to $46.30.
