Seagen jumps as combination therapy succeeds in bladder cancer trial
22/09/2023 17:04
(Updates)
** Shares of drugmaker Seagen SGEN.O rise 3.5% to a near
three-year high of $213.69
** SGEN and Astellas Pharma's 4503.T Padcev in combination
with Merck's MRK.N Keytruda met main goals in a late-stage
trial for a type of bladder cancer
** Companies say the combination therapy prolonged lives of
patients and improved the time taken for the cancer to worsen,
compared to chemotherapy
** The therapy was being tested in patients with previously
untreated and locally advanced urothelial cancer
** The positive result "comes as a step in the right
direction" for Pfizer and supports its acquisition of SGEN,
which is expected to close by early 2024 at latest, BMO Capital
Markets analyst Evan Seigerman writes in a note
** Pfizer PFE.N in March agreed to acquire Seagen and its
targeted therapies in a $43 bln deal
** Including session gains, Seagen stock up ~66% YTD
(Reporting by Christy Santhosh and Mariam E Sunny in Bengaluru)
((Christy.Santhosh@thomsonreuters.com))