Amgen, Dice Therapeutics fall after rival psoriasis drug approval

Dice Therapeutics

12/09/2022 19:25

(Updates)
    ** Shares of drugmaker Amgen Inc  AMGN.O  down 3.5% at
$239.07 after rival Bristol Myers Squibb Co  BMY.N  drug,
Sotyktu, receives FDA approval for treatment of patients with
skin disease psoriasis  urn:newsml:reuters.com:*:nL4N30J1CH
    ** AMGN had slumped 5% to hit its lowest since June earlier
in the session 
    ** Among other psoriasis drugmakers, Dice Therapeutics Inc
 DICE.O  slides 12.6% to $19.79, set for its biggest percentage
drop in almost one year
    ** Sotyktu belongs to class of treatments called JAK
inhibitors, which have come under FDA scrutiny over safety risks
    ** Analysts believe lack of boxed warning for Sotyktu does
not bode well for AMGN's FDA-approved drug, Otezla
    ** Amgen's Otezla could see pressure when Sotyktu becomes
available in U.S. this month - Mizuho Securities
    ** An early-stage trial of DICE's oral psoriasis drug,
IL-17, finished enrolment in July 2022  urn:newsml:reuters.com:*:nFWN2Z25GP
    ** YTD, DICE shares down 23%, AMGN up 6.1% 
     

 (Reporting by Johann M Cherian, Shristi Achar A in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;
Shristi.AcharA@thomsonreuters.com))