Vertex's Kalydeco application delayed in Australia, says Wells Fargo

According to press reports, Australia's assessment agency, Pharmaceutical Benefits Advisory Committee, or PBAC, has deferred its recommendation pending further reassessment of Vertex's Kalydeco application to be reimbursed in Australia. Wells Fargo said the delay is not a major surprise given Australia is one of the more difficult countries to secure a recommendation and expects the reassessment to occur at the next meeting in either November 2013 or March 2014. Shares are Outperform rated.

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