Shares of Synergy Pharmaceuticals (SGYP) were up 4.2% in premarket trading on Thursday. The New York-based firm yesterday morning announced the issuance of three new patents expected to extend Trulance (plecanatide) patent protection until 2032. Trulance is a treatment for adults with chronic idiopathic constipation and is being evaluated for the treatment of adults with irritable bowel syndrome with constipation. Shares closed at $4.50 on Wednesday, up 2%, and were trading at $4.69 ahead of the market open on Thursday.
Shares of Biogen (BIIB - Get Report) were up 1% to $271.60 on the heels of news that the Cambridge, Mass.-based company has agreed to license BMS-986168 from Bristol-Myers Squibb (BMY - Get Report) . BMS-986168 is a Phase 2-ready experimental medicine with potential in Alzheimer's disease and progressive supranuclear palsy. Terms of the deal call for Biogen to make a $300 million upfront payment plus potential milestone payments and royalties.
Among the other biotech stock movers was Insys Therapeutics (INSY) , whose shares were up 3% to $11.59.