The stock of AbbVie Inc (NYSE:ABBV) closed at $94.38 gaining a profit of 2.72% in yesterday’s trading session. It was back in 2016 that AbbVie Inc moved ahead to acquire biotech unicorn Stemcentrx, a move that a number of the market observers termed to be an inexpensive bet on the company’s high end product small cell lung cancer drug Rova-T. It is all about coming up with a therapy that will help patients deal with complications that have proved difficult to treat.
There have been ongoing talks with the food and drug administration and that followed the unveiling of the phase 2 trial results. The magnitude of effects arose multiple parameters is a matter that researchers have been taking with much seriousness about.
And it is worth noting that the company AbbVie won’t be trying for accelerated approval of Rova-T in one type of small cell lung cancer. This information was unveiled last Thursday by the business guru which is overseeing a great future ahead.
After Thursday’s tumble in shares, the FDA proceeded to give a warning that the two AbbVie hepatitis C treatments could end up resulting in serious liver injury. On Friday the shares declined by a margin of about 0.7%. One thing that most of the investors have been hoping for over quite some time has been an accelerated approval so that the product could in the shortest time possible start raking in revenue. But still on the same note it is important to outline that the phase 2 trial results in a major way downplay the central reasons the company purchased Stemcentrx and Rova-T in the first place.
Brad Loncar, who happens to be a cancer research expert revealed that there were quite large a number of investors who had the basis to remain skeptical about the deal at that point in time. It is indeed true that Rova-T might have had the chance of making it big, but is not yet over for it. However there is no denying it that matters are looking bad as per now.
THE MORNING REPORT
Start your workday the right way with the news that matters most.