Shares of Amgen, Inc. (NASDAQ:AMGN) ended Thursday session in red amid volatile trading. The shares closed down -4.26 points or -2.51% at $165.45 with 3.08 million shares getting traded. Post opening the session at $170.39, the shares hit an intraday low of $165.33 and an intraday high of $170.39 and the price vacillated in this range throughout the day. The company has a market cap of $122.43 billion and the numbers of outstanding shares have been calculated to be 748.36 million shares.
On Sept. 29, 2016 Amgen (AMGN) and Arrowhead Pharmaceuticals Inc. (ARWR) announced two license and collaboration agreements to develop and commercialize RNA interference (RNAi) therapies for cardiovascular disease. These are the first programs to utilize Arrowhead’s proprietary subcutaneous RNAi delivery platform. RNAi molecules may be designed to target and shut down specific gene products that contribute to various diseases.
Under one agreement, Amgen receives a worldwide, exclusive license to Arrowhead’s novel, RNAi ARC-LPA program. These RNAi molecules are designed to reduce elevated lipoprotein(a), which is a genetically validated, independent risk factor for atherosclerotic cardiovascular disease. Under the second agreement, Amgen receives an option to a worldwide, exclusive license for a RNAi therapy for an undisclosed genetically validated cardiovascular target. In both agreements, Amgen will be wholly responsible for clinical development and commercialization.
Under the terms of the agreements taken together, Arrowhead will receive $35 million in upfront payments; $21.5 million in the form of an equity investment by Amgen in Arrowhead common stock; and up to $617 million in option payments, and development, regulatory and sales milestone payments. Arrowhead is further eligible to receive single digit royalties for sales of products against the undisclosed target and up to low double digit royalties for sales of products under the ARC-LPA agreement. Additional financial terms of the agreements are not disclosed.
“Arrowhead’s expertise in RNAi makes them a valuable partner as we translate genetic discoveries into potential therapies that can improve health outcomes for patients,” said Sean E. Harper, M.D., executive vice president of Research and Development at Amgen. “This collaboration builds upon our commitment to cardiovascular disease with targets that we believe are uniquely suited for RNAi-based therapy.”
Shares of CVS Health Corp (NYSE:CVS) ended Thursday session in red amid volatile trading. The shares closed down -0.63 points or -0.70% at $89.55 with 5.21 million shares getting traded. Post opening the session at $90.02, the shares hit an intraday low of $89.50 and an intraday high of $90.54 and the price vacillated in this range throughout the day. The company has a market cap of $95.08 billion and the numbers of outstanding shares have been calculated to be 1.07 billion shares.
CVS Health Corp (CVS) on Sept. 29, 2016 announced it has expanded access to the opioid overdose-reversal drug naloxone in Alabama, Alaska, Illinois, Missouri and West Virginia, allowing CVS Pharmacy patients to access the medication without an individual prescription. In total, CVS Pharmacy patients in 36 states now have increased access to the life-saving opioid overdose-reversal drug. CVS Health’s naloxone program establishes a standing order with a physician in the state or utilizes pharmacists’ prescriptive authority to permit CVS Pharmacists to dispense naloxone to patients without an individual prescription. Pharmacists in these five states began dispensing the medication this week.
“Naloxone is a safe and effective antidote to opioid overdose and by expanding availability of this medication, we can save lives and give more people a chance to get the help they need for recovery,” said Tom Davis, RPh, Vice President of Pharmacy Professional Practices at CVS Pharmacy. “By establishing a physician-authorized standing order that allows our pharmacies to dispense naloxone to patients without an individual prescription, we strengthen our commitment to helping the communities we serve begin to address the challenges of prescription drug abuse.”
“Expanding access to the overdose-reversal drug naloxone is a critical part of our national strategy to stop the prescription drug and heroin overdose epidemic – along with effective prevention, treatment, and enforcement,” said Michael Botticelli, Director of National Drug Control Policy. “Thanks to efforts on naloxone like those announced by CVS Health, more Americans will have access to this lifesaving drug.”