Geron gains after winning first FDA approval for blood disorder drug

Geron

07/06/2024 17:04

(Updates)
    ** Shares of Geron  GERN.O  rise 21% to $4.7 after surging
more than 30% in early trading
    ** Co said late on Thursday the U.S. FDA has approved its
drug to treat transfusion-dependent anemia in patients with a
group of blood cancers called myelodysplastic syndromes
    ** The drug will be sold under the brand name Rytelo, with
its wholesale prices set at $9,884 for the 188 mg vial and
$2,471 for the 47 mg vial 
        ** The drug is set to compete with Bristol Myers
Squibb's  BMY.N  Reblozyl, which received agency's 
    expanded approval
     last year to treat the same disease indication
  
        ** Brokerage Baird estimates Rytelo's sales at $933
million in 2029, while B. Riley Securities sees $700 million in
peak sales
  
    ** Including session's gain, stock up more than 125% YTD

 (Reporting by Sriparna Roy and Pratik Jain in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))