OSI Pharmaceuticals' Shares Rise 12.5 Percent After Licensing of Its Inhibitor to Treat Diabetes
Posted on: Friday, 15 July 2005, 21:01 CDT
OSI Pharmaceuticals Inc. (Nasdaq: OSIP) shares rose 12.5 percent July 11 to $44.50 after a unit of the Melville-based company licensed its patent portfolio for the use of Dipeptidyl Peptidase IV inhibitors to treat diabetes, the company announced.
Under the agreement, OSI will receive upfront, milestone and royalty payments. Further financial details of the license between OSI's Prosidiaon unit and an unnamed Japanese pharmaceutical company were not announced.
Also, the U.S. Food and Drug Administration has agreed to review a supplemental new drug application by OSI for the use of Tarceva plus gemcitabine chemotherapy for frontline treatment of advanced pancreatic cancer patients who have not received previous treatment.
In accepting the application, the FDA granted priority review classification, meaning the agency has six months, or until Nov. 2, to act on the filing.
The FDA's acceptance triggered a $7 million milestone payment to OSI by its Tarceva research partner Genentech Inc.
Tarceva previously won FDA approval as a second-line treatment for non-small-cell lung cancer.
Another bit of good news for OSI - Banc of America Securities initiated coverage with a buy rating.
Source: Long Island Business News
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