When biotech company Gilead Sciences Inc. (NASDAQ: GILD) made a deal last month to acquire Pharmasett for $11 billion, no thought it would pay off so soon. Especially the folks at Idenix Pharmaceuticals Inc. (NASDAQ: IDIX).
Gilead used its conference call last night to reveal that Pharmasett’s hepatitis C drug, now called GS-7977, when used in combination with ribavirin eliminated all symptoms of a certain type of hepatitis C in just four weeks.
Idenix, meanwhile, reported that the US FDA had lifted a partial hold on trials of the company’s hepatitis C drug, dubbed IDX184. That news momentarily lifted the stock, but it wasn’t enough to overcome the Gilead story.
Gilead’s shares are up nearly 10% today, at $54.22 after posting a new 52-week high of $54.77 earlier. Idenix shares are down nearly -13% at $11.48 in a 52-week range of $2.67-$15.25.
The race to be first to market with a hepatitis C drug now has Gilead ahead in the backstretch.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
