NEW YORK, NY / ACCESSWIRE / July 10, 2018 / Shares of Pfizer may have ended up flat yesterday but it wasn't the greatest news day for the pharmaceutical giant. President Trump took to Twitter to raise his concerns on the company as well as other drug makers for recently increasing prices. Shares of Benitec Biopharma was a big winner and even hit a new high after announcing a licensing agreement with Axovant.
RDI Initiates Coverage on:
Benitec Biopharma Limited
Benitec Biopharma Limited shares closed up almost 50% on Monday with around 4.6 million shares traded. The stock hit a new high of $4.90 after traders learned that the company and Axovant have entered into a licensing deal. Benitec said in a press release that it has "licensed to Axovant Sciences the exclusive global rights for BB-301 (now named AXO-AAV-OPMD) intended for the treatment of oculopharyngeal muscular dystrophy (OPMD), and has also entered into a fully funded research collaboration for the development of five additional gene therapy products in neurological disorders." The company's executive chairman Jerel Banks, MD PhD, stated, "Today marks a milestone for Benitec as we believe this transaction to be transformative for our company. In addition to bolstering our opportunity to drive broad-based, clinically meaningful patient benefit across several areas of clinical medicine with true unmet need, this partnership significantly enhances the financial, intellectual, and clinical development resources available to facilitate our efforts to build Benitec into a diversified biopharmaceutical company. The non-dilutive capital expected over the near term will allow Benitec to continue to invest in proprietary R&D programs across a range of indications."
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Pfizer Inc. shares closed up a modest 0.13% on Monday despite some harsh criticism from President Donald Trump yesterday. The president took to his Twitter on Monday to express his criticism on Pfizer Inc. as well as other drug makers for raising prices on some of their medicines on July 1st. He wrote, "Pfizer & others should be ashamed that they have raised drug prices for no reason." He added, "We will respond!" In response to the president's tweet, Human Services Secretary Alex Azar said that drug makers who have raised prices have created a tipping point in U.S. drug pricing policy. He wrote, "Change is coming to drug pricing, whether painful or not for pharmaceutical companies." A spokeswoman for the company, Sally Beatty, told Reuters, "The list price remains unchanged for the majority of our medicines. Our portfolio includes more than 400 medicines and vaccines. We are modifying prices for approximately 10 percent of these, including some instances where we're decreasing the price."
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