Shares of Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) jumped Monday on reports that the biotech company focused on oncology and hematology is exploring options, including a sale of the business amid takeover interest from other drugmakers.
Spectrum is working with financial adviser Jefferies Group LLC on a potential sale of the business, reported Bloomberg quoting people familiar with the matter. Spectrum is an attractive buy as it has six cancer and blood-disease treatments on the market, with two more in two late-stage trials and several more at earlier stages of development.
Shares in the Henderson, Nevada-based company shot up nearly 12% to US$21.22 in morning trade.
Puma Biotechnology Inc (NASDAQ:PBYI) said a committee of the European Medicines Agency was likely to give positive opinion on its breast cancer drug neratinib, five months after the regulator recommended against approving it.
The reversal follows a reexamination of the negative opinion announced by the Committee for Medicinal Products for Human Use in February. Puma said the committee will hold a final vote at its next meeting.
Last year, the US Food and Drug Adminsitration approved Puma's experimental breast cancer drug that lowers the risk of the disease returning after initial treatment.
Shares of Los Angeles-based Puma jumped 17.7% to US$60.15.
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A study into its drug cytisine found no clinically significant interaction with the enzymes responsible for drug metabolism or drug transporters. Results suggest that cytisine can be used alongside other medications without changing the dose of either.
Shares of the Seattle-based company jumped 45% to US$5.51 Tuesday.
The company said it received a Complete Response Letter from the regulator for a study evaluating a treatment for bloodstream infection.
"The company intends to meet with the FDA to determine whether there is a feasible resolution to address the CRL," it said in a statement.
A CRL generally means the regulator will not approve the treatment in its current form.
Shares of the California-based biotech fell 26.7% to US$8.82.
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