Shares of Minerva Neurosciences (NERV) - Get Report rose 10.3% to $9.10 in premarket trading on Thursday. The Waltham, Mass.-based firm after the market close on Wednesday said it has amended its co-development and license agreement with Johnson & Johnson's (JNJ) - Get Report Janssen Pharmaceutica NV regarding, insomnia drug and depression treatment candidate MIN-202 (JNJ 42827922). Minerva will also reacquire all of its shares owned by Johnson & Johnson's venture capital arm. MIN-202 (JNJ 42827922) is a selective orexin-2 receptor antagonist.
As part of the amended pact, Minerva will have global strategic control of the development of MIN-202 to treat insomnia, and Janssen will forego its right to royalties on MIN-202 insomnia sales in Minerva territories.
The amendment and stock repurchase are conditional upon the closing of Johnson & Johnson's pending purchase of Swiss biotech Actelion and approval by the European Commission.
shares were up 9.9% to $8.10. The Austin, Texas-based firm said
from its European phase three study of advanced colorectal cancer patients treated with Hutruo (MABp1) will be presented on June 3 at the American Society of Clinical Oncology meeting in Chicago.
Among the other biotech movers was Aduro Biotech (ADRO) - Get Report , up 4% to $10.40. The Berkeley, Calif.-based company said the U.S. Food and Drug Administration has cleared the investigational new drug application for ADU-S100 (also known as MIW815), a STING pathway activator, to be evaluated in tandem with Novartis' (NVS) - Get Report investigational anti-PD-1 checkpoint inhibitor PDR001 for the treatment of advanced/metastatic solid tumors or lymphomas. The phase 1b study is expected to be initiated in the second half of the year.
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