Shares of Aralez Pharmaceuticals Inc (NASDAQ:ARLZ) ended Wednesday session in red amid volatile trading. The shares closed down -0.67 points or –10.93% at $5.46 with 5.37 million shares getting traded. Post opening the session at $6.31, the shares hit an intraday low of $4.78 and an intraday high of $6.45 and the price vacillated in this range throughout the day. The company has a market cap of $399.93 million and the numbers of outstanding shares have been calculated to be 1.00 million shares.
Aralez Pharmaceuticals Inc (ARLZ) on Sept. 7, 2016 announced that it acquired the U.S. and Canadian rights to ZONTIVITY® (vorapaxar), pursuant to an asset purchase agreement entered into between Merck, known as MSD outside the United States and Canada, and Aralez Pharmaceuticals Trading DAC, a subsidiary of Aralez, based in Ireland. ZONTIVITY is the first and only approved therapy shown to inhibit the protease-activated receptor-1 (PAR-1), the primary receptor for thrombin, which is considered to be the most potent activator of platelets. In the U.S., ZONTIVITY is indicated for the reduction of thrombotic cardiovascular events in patients with a history of heart attack (myocardial infarction) or in patients with narrowing of leg arteries, called peripheral arterial disease (PAD), and should be used in combination with daily aspirin and/or clopidogrel according to their indications or standard of care. In Canada, ZONTIVITY (vorapaxar sulfate) co-administered with aspirin with or without clopidogrel, according to their standard of care, is indicated for the reduction of atherothrombotic events in adult high-risk patients with a history of myocardial infarction (MI).
The asset purchase agreement included an initial upfront payment of $25 million, which was paid from cash on hand. The transaction also includes graduated royalties and potential added future consideration in the form of payments for achieving certain aggregate annual sales-based milestones. In addition to the Asset Purchase Agreement, the parties simultaneously entered into a Supply Agreement, a License Agreement with respect to trademarks and certain proprietary know-how and a Transition Services Agreement. Under the terms of the Transition Services Agreement, Merck will continue to distribute the product on behalf of Aralez for up to twelve months while the product rights, packaging and labeling and other responsibilities are transferred to Aralez Pharmaceuticals Trading DAC.
Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) ended Wednesday session in red amid volatile trading. The shares closed down -5.15 points or -5.41% at $90.12 with 4.99 million shares getting traded. Post opening the session at $95.02, the shares hit an intraday low of $88.16 and an intraday high of $97.77 and the price vacillated in this range throughout the day. The company has a market cap of $21.74 billion and the numbers of outstanding shares have been calculated to be 247.78 million shares.
Vertex Pharmaceuticals Incorporated (VRTX) on August 16, 2016 provided an update on its ongoing Phase 3 development program of its investigational compound VX-661 in combination with ivacaftor, which includes four studies that together are expected to enroll more than 1,000 people with cystic fibrosis (CF). Based on a planned interim futility analysis conducted by the study’s independent Data Safety Monitoring Board (DSMB), Vertex plans to stop the study of VX-661 and ivacaftor in people with one copy of the F508del mutation and one copy of a mutation that results in minimal CFTR protein function (F508del het/min). There were no safety concerns noted in the DSMB’s review of the data. Vertex also announced that enrollment is now complete in the study of VX-661 and ivacaftor in people with two copies of the F508del mutation (F508del homozygous) and that the company expects to complete enrollment in the study of people with one copy of the F508del mutation and one copy of a residual function mutation in September.
“While we recognize that people with CF with minimal function mutations have a form of the disease that is particularly difficult to treat, we believed it was important to evaluate whether a dual combination of VX-661 and ivacaftor could provide some benefit to these patients given they do not have a medicine to treat the cause of their disease,” said Jeffrey Chodakewitz, M.D., Executive Vice President and Chief Medical Officer at Vertex. “These results suggest that a triple combination regimen may provide this group of people with CF the best chance at obtaining a meaningful benefit and we look forward to beginning the first study of a next-generation corrector together with VX-661 and ivacaftor in this group of patients later this year, pending data from our ongoing Phase 1 studies in healthy volunteers.”