Jazz Singing A Stronger Oncology Tune Through Celator Buy
Jazz has added to its oncology portfolio through a $1.5bn purchase of Celator Pharmaceuticals – developer of acute myeloid leukemia drug, Vyxeos (cytarabine/daunorubicin liposome injection).
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Biopharma financing decreased by 16% in Q2 to $4.8 billion, while the total value of acquisitions nearly doubled to $22 billion, including AbbVie's $9.8 billion takeover of Stemcentrx. Alliances garnered an aggregate potential deal value of $23.1 billion, led by Allergan's CNS agreement with Heptares.
The American Society for Clinical Oncology (ASCO) conference that has just opened in Chicago is traditionally thought of as one of the key catalysts of the year for biotechnology and pharmaceutical companies. The stock prices of companies presenting their latest data usually run up in anticipation of ASCO and subsequently sell off after the conference. While this is now expected by investors, this year may be different.
With proof of concept for its CombiPlex platform in the form of Phase III results for Vyxeos in acute myeloid leukemia, the $1.5bn purchase price paid by Jazz bought more than a promising late-stage asset.