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ONYX Pharmaceuticals, Inc. Message Board

  • dr.vinmantoo dr.vinmantoo Apr 10, 2013 1:19 PM Flag

    Reason for breakout today

    ONXX gets an 8%-10% royalty from Pfizer for their partnership with their cyclin kinase inhibitor PD-0332991. It was announced today that PFE was granted breakthrough status for this drug. Here are some relevant excepts from the press release. Just google PD-0332991 and Pfizer.

    {{Pfizer Inc. announced today its investigational compound palbociclib (PD-0332991), an oral and selective inhibitor of cyclin dependent kinases (CDK) 4 and 6, has received Breakthrough Therapy designation by the United States Food and Drug Administration (FDA) for the potential treatment of patients with breast cancer..........Pfizer has initiated a randomized, multi-center, double-blind Phase 3 study (known as Study 1008) evaluating palbociclib in combination with letrozole versus letrozole alone as a first-line treatment for post-menopausal patients with ER+, HER2- locally advanced or metastatic breast cancer. Study 1008 is currently open and enrolling.........The Breakthrough Therapy designation was based on preliminary Phase 2 data in this patient population. Interim data presented at the 2012 CTRC-AACR San Antonio Breast Cancer Symposium showed that women treated with the combination of palbociclib plus letrozole achieved a statistically significant improvement in median progression free survival (PFS) compared to women who received letrozole alone (26.1 months and 7.5 months, respectively)..}}

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    • Where is the 10% royalty figure from? They have only mentioned an 8% royalty structure from their previous earnings calls and public presentations.

    • Thanks for posting this, Dr. Vin. I will go back and reread the trial results. A better than threefold increase in PFS is impressive.

    • And this is what J. P. Morgan had said recently (from Benziga):

      Mar 2013
      In a report published Thursday, J.P. Morgan analyst Cory Kasimov reiterated an Overweight rating on Onyx Pharmaceuticals (NASDAQ: ONXX [FREE Stock Trend Analysis]), and raised the price target from $100.00 to $105.00.

      In the report, Kasimov noted, “We are reiterating our OW rating on ONXX (one of our top picks) and bumping our price target to $105 (from $100) as a result of incorporating palbociclib (palbo, or PD-991) into our valuation. Palbo, which entered into Phase 3 last month, is being developed by Pfizer (PFE; covered by JPM analyst Chris Schott) and has arguably become one of the most talked about drugs in all of clinical development following the highly compelling Phase 2 data presented at the San Antonio Breast Cancer Symposium (SABCS) in Dec. It's unusual for a single pipeline product to become such a focus for a large pharma company like PFE, and yet despite the attractive economics (a flat 8% royalty on sales), palbo is a relatively infrequent topic of conversation re ONXX as investor attention remains overwhelmingly focused on the myeloma drug Kyprolis.”

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