Shares of Pfizer Inc. (NYSE:PFE) ended Friday session in red amid volatile trading. The shares closed down -0.20 points or -0.59% at $33.94 with 25,615,509 shares getting traded. Post opening the session at $34.19, the shares hit an intraday low of $33.83 and an intraday high of $34.22 and the price vacillated in this range throughout the day. The company has a market cap of $204.66 billion and the numbers of outstanding shares have been calculated to be6.07 billion shares.
Pfizer Inc. (PFE) on September 16, 2016 announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion recommending that IBRANCE® (palbociclib) be granted marketing authorization in the European Union (EU) for the treatment of women with hormone receptor-positive, human epidermal growth factor receptor 2-negative (HR+/HER2-) locally advanced or metastatic breast cancer. The CHMP’s positive opinion is for IBRANCE to be used in combination with an aromatase inhibitor, as well as in combination with fulvestrant in women who have received prior endocrine therapy. The CHMP’s opinion will now be reviewed by the European Commission (EC).
If approved, IBRANCE would be the first medicine in a new class of anti-cancer treatments, cyclin-dependent kinase 4/6 (CDK 4/6) inhibitors, to be approved by the EC.
“opinion by the CHMP to recommend marketing authorization of IBRANCE in the EU is an important step toward expanding treatment options for women in Europe with HR+/HER2- metastatic breast cancer, and a step toward a potential new standard of care for this cancer,” said Mace Rothenberg, M.D., chief development officer, Pfizer Oncology. “The opinion is supported by robust data with consistent results observed across three separate randomized trials in which the addition of IBRANCE to standard endocrine therapy resulted in significant prolongation of progression-free survival compared to endocrine therapy alone.”
“There have been only modest improvements in the prognosis of patients with metastatic breast cancer in Europe over the past three decades, underscoring the need for new treatment advances,” said Andreas Penk, M.D., regional president, International Developed Markets, Pfizer Oncology. “We look forward to working with the EC as they conduct their review, with the goal of bringing this first-in-class medicine to appropriate patients across the EU.”
Breast cancer is the most common invasive cancer among women in Europe, with more than 464,200 new cases and 131,260 deaths per year. Up to 30 percent of women diagnosed with and treated for early breast cancer will go on to develop metastatic breast cancer, which occurs when the cancer spreads beyond the breast to other parts of the body. There is no cure for metastatic breast cancer, and patients are in need of new treatment options that help keep their cancer from worsening, manage symptoms and help them maintain quality of life for as long as possible.
Shares of Abbott Laboratories (NYSE:ABT) ended Friday session in green amid volatile trading. The shares closed up +0.75 points or 1.82% at $41.87 with 15,790,211 shares getting traded. Post opening the session at $40.95, the shares hit an intraday low of $40.83 and an intraday high of $42.03 and the price vacillated in this range throughout the day. The company has a market cap of $62.67 billion and the numbers of outstanding shares have been calculated to be 1.47 billion shares.
Abbott Laboratories (ABT) on Sept. 16, 2016 announced that it will sell Abbott Medical Optics, its vision care business, to Johnson & Johnson for $4.325 billion in cash.
“We’ve been actively and strategically shaping our portfolio, which has recently focused on developing leadership positions in cardiovascular devices and expanding diagnostics,” said Miles D. White, chairman and chief executive officer, Abbott. “Our vision care business will be well-positioned for continued success and advancement with Johnson & Johnson, and I’d like to thank our employees for building a successful business.”
Abbott’s vision business has products in areas including cataract surgery, laser vision correction (LASIK) and corneal care products (contact solution, eye drops, etc.).
The net impact of this transaction is not expected to impact Abbott’s overall targeted ongoing earnings per share in 2017. This targeted earnings per share excludes the expected gain on this transaction and any costs related to the transaction. The transaction is expected to close in the first quarter of 2017 and is subject to customary closing conditions, including regulatory approvals.