NEW YORK, NY / ACCESSWIRE / September 21, 2017 / Shares of Alnylam and Airbus soared to new highs on Wednesday after Alnylam announced that an important key study met its primary efficacy endpoint and all of the secondary endpoints. The drug candidate employs delivery technology that Alnylam has licensed from Arbutus.
RDI Initiates Coverage on:
Alnylam Pharmaceuticals, Inc.
Arbutus Biopharma Corporation
Alnylam Pharmaceuticals, Inc.'s shares exploded in yesterday trading, closing the day up 51.71%. The stock hit a new high of $116.93 on trading volume that was more than nine times higher than usual. The colossal move came after the pharma company announced an important milestone. Alnylam announced that a RNAi-based drug called Patisiran, which targets a rare genetic disease met the main goal of a key study. This was a breakthrough for the new class of medicines that works by blocking disease-causing proteins. Patisiran was being evaluated in a late-stage study against a placebo for the treatment of patients with hereditary ATTR (hATTR) amyloidosis with polyneuropathy. The company plans to file a new drug application for patisiran before the end of the year. It’s no wonder traders were excited because if approved, the annual sales of patisiran could top $700 million.
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Arbutus Biopharma Corporation's shares leaped ahead on Wednesday, closing the day up 20.72%. The stock even hit a new high of $7.85 during intra-day trading with significant trading volume at nearly 3.3 million shares. The big gains came after the company, which focuses on hepatitis B virus (HBV) therapeutic solutions, announced that its licensee Alnylam Pharmaceuticals, Inc. announced positive data results. Alnylamn is the company's lipid nanoparticle (LNP) licensee. Alnylam revealed that the APOLLO Phase 3 study of patisiran, an investigational RNAi therapeutic being developed for patients with hereditary ATTR amyloidosis with polyneuropathy, met its primary efficacy endpoint and all secondary endpoints. CEO of Arbutus, Dr. Mark J. Murray commented, "We are very pleased by the successful outcome of Alnylam’s APOLLO Phase 3 study of patisiran. This is an important achievement for patients and for the field of RNAi therapeutics. These data provide further validation of the utility of our leading LNP technology. Our LNP technology represents the most proven delivery technology for the systemic delivery of nucleic acid-based therapeutics." According to the terms of the LNP license agreement for patisiran, Arbutus will be owed single-digit royalties on sales of patisiran. Alnylam has said that it plans to file New Drug Application (NDA) in late 2017 and a Marketing Authorisation Application (MAA) early next year.
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