Teva rises on cancer updates

European marketing approval for Lonquex and an update on a clinical trial with OncoGenex have boosted Teva's share price.

The share price of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose 2.7% by mid-afternoon on the TASE today to NIS 141.40, after rising 3.3% in New York on Friday to $40.43, giving a market cap of $34.3 billion, after announcements about its pipeline of brand drugs.

On Thursday, Teva obtained European Commission marketing approval for Lonquex, for the treatment of side effects of chemotherapy. Teva obtained the drug as part of its acquisition of Germany's Ratiopharm in 2010.

Also on Thursday, in an update on clinical trials, Canada's OncoGenex Pharmaceuticals Inc. (Nasdaq: OGXI) announced that deaths of patients taking Custiren, which is being jointly developed with Teva, are occurring more slowly than expected. Custiren is taken in combination with first-line docetaxel chemotherapy in men with metastatic castrate-resistant prostate cancer. "As a result of death events occurring more slowly than previously expected, the anticipated timing of the pre-specified number of events is currently projected to occur late in the first quarter or early in the second quarter of 2014. These survival results are expected to be announced in mid-2014. No conclusion regarding the possible outcome of the trial can or should be drawn from the fact that death events are occurring more slowly than expected."

Published by Globes [online], Israel business news - www.globes-online.com - on August 11, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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