NEW YORK, NY / ACCESSWIRE / September 12, 2017 / Shares of Idera Pharmaceuticals (NASDAQ: IDRA) headed higher on Monday after reporting positive results from its phase ½ trial of its IMO-2125, a melanoma candidate. Shares of Achillion (NASDAQ: ACHN) weren't so lucky and collapsed after Johnson & Johnson decided to end its agreement with the company on developing its hepatitis C drugs.
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Idera Pharmaceuticals' (NASDAQ: IDRA) shares closed up 14.36% yesterday with about 7.1 million shares traded. The biopharma stock saw its shares breakout after the company presented encouraging trial results at the annual European Society for Medical Oncology this past weekend. The final results from the dose-selection stage of a phase 1/2 trial investigating Idera's melanoma candidate IMO-2125, in combination with Yervoy from Bristol-Myers Squibb, had traders excited. In the exploratory trial, 17 out of 18 patients enrolled had experienced disease progression after treatment with increasingly popular PD-1 inhibitors Opdivo or Keytruda, and nine were treated with the dosage that will be used in the phase 2 stage of the trial. The company, which is advancing novel therapies for skin-related diseases, has plans to enroll patients in a trial that could support a new drug application for IMO-2125 in early 2018.
Access RDI's Idera Pharmaceuticals Inc. Research Report at: https://rdinvesting.com/news/?ticker=IDRA
Achillion Pharmaceuticals (NASDAQ: ACHN) closed down 22.10% on Monday with a little over 11 million shares traded. The stock's share price crashed after news revealed that Johnson & Johnson had ended its agreement to develop Achillion Pharmaceuticals' hepatitis C drugs. J&J cited the reason for their decision on an increasingly competitive hepatitis C market. In was in 2015 that J&J had acquired the rights to the company's hepatitis C drug pipeline and had agreed to pay as much as $1.1 billion in clinical, regulatory, and sales milestones. Since then, however, the market has changed with multiple treatment options available and prices dropping a lot. The company was also going to pay royalties on any eventual sales. J&J had also acquired 18,367,346 shares of Achillion for $225 million. These shares are subject to a lock-up period that expires early next year.
Access RDI's Achillion Pharmaceuticals, Inc. Research Report at: https://rdinvesting.com/news/?ticker=ACHN
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