Shares of Keryx Biopharmaceuticals (NASDAQ:KERX) ended Friday session in green amid volatile trading. The shares closed up +0.08 points or 1.55% at $5.25 with 1.44 million shares getting traded. Post opening the session at $5.19, the shares hit an intraday low of $5.07 and an intraday high of $5.30 and the price vacillated in this range throughout the day. The company has a market cap of $564.55 million and the numbers of outstanding shares have been calculated to be 105.90 million shares.
Keryx Biopharmaceuticals (KERX) a biopharmaceutical company, focuses on providing therapies for patients with renal disease in the United States. Its lead product Auryxia (ferric citrate), an oral, ferric iron-based compound that has the capacity to bind to phosphate in the gastrointestinal tract and form non-absorbable complexes, as well as treats iron deficiency anemia. Auryxia is also used to control serum phosphorus levels in patients with chronic kidney disease on dialysis. The company has licensing and collaboration agreements with Japan Tobacco Inc. and Torii Pharmaceutical Co., Ltd. for the development and commercialization of Auryxia in Japan. It also has strategic alliance with Panion & BF Biotech, Inc. Keryx Biopharmaceuticals, Inc. was founded in 1997 and is headquartered in Boston, Massachusetts.
Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) ended Friday session in red amid volatile trading. The shares closed down -0.03 points or -0.69% at $1.74 with 1.42 million shares getting traded. Post opening the session at $1.76, the shares hit an intraday low of $XXX and an intraday high of $1.72 and the price vacillated in this range throughout the day. The company has a market cap of $1.79 million and the numbers of outstanding shares have been calculated to be 243.26 million shares.
Arena Pharmaceuticals, Inc. (ARNA) on Sept. 1, 2016 announced the formation of Beacon Discovery Inc. (“Beacon”), an independent, privately-held drug discovery incubator.
Beacon will focus on identifying and advancing molecules targeting G-Protein Coupled Receptors (GCPRs) from concept to clinic leveraging the strengths and capabilities developed over close to two decades at Arena. Beacon plans to engage global pharmaceutical partners to facilitate discovery and early stage development.
Arena will have certain rights to compounds developed by Beacon and will collaborate with Beacon in support of Arena’s proprietary pipeline programs as well as the Boehringer Ingelheim International GmbH collaboration. Additionally, Arena will be entitled to certain rights to potential cash flows generated by Beacon in the future.
“The formation of Beacon underscores both our commitment to transitioning Arena from a historically research-oriented organization to a high-performing clinical development organization and our commitment to maximizing the value of our assets,” said Amit Munshi, CEO of Arena. “We believe that Beacon has the potential to unlock the value of Arena’s historical research platform for the long term benefit of patients and shareholders.”
Dominic P. Behan, Ph.D., D.Sc., Arena’s co-founder, will serve as Beacon’s Chief Executive Officer and transition from being Arena’s Chief Scientific Officer and a member of its Board of Directors to become the Chairman of Arena’s Scientific Advisory Board and a consultant.