Amylyx climbs after completing acquisition of low blood sugar drug

Amylyx Pharmaceuticals

10/07/2024 15:28

(Updates)
    ** Shares of drugmaker Amylyx Pharmaceuticals  AMLX.O  rise
~13.6% to $1.87, their biggest one-day pct. gain since March
    ** Company says it has completed the acquisition of bankrupt
drugmaker Eiger BioPharmaceuticals'  EIGRQ.PK  experimental
drug, avexitide, for low blood sugar
    ** Eiger says a bankruptcy court on June 26 approved the
sale of its asset to Amylyx
    ** AMLX had agreed to buy the GLP-1 antagonist drug last
month
    ** AMLX is expected to start late-stage studies for the drug
in Q1 2025
    ** Including session's move, AMLX down 86.8% YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))