VELOCITY Failure For Versartis's Lead Drug Sends Shares Into Tailspin
Versartis's long-acting growth hormone product missed Phase III non-inferiority endpoint, wiping more than 83% of the company's value.
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Versartis has signed the first licensing deal for its long-acting growth hormone product, tapping Teijin as a commercial partner in Japan.
Shares of Versartis rocketed 33.2% on 6 July after the FDA lifted the partial clinical hold on the firm's investigational new drug application for its long-acting form of recombinant human growth hormone (rhGH) VRS-317, which is being investigated to treat growth hormone deficiency (GHD).
The Danish company pockets $40m as the lead asset in the potential multi-billion dollar deal with AbbVie for bi-specific antibodies progresses into Phase III, and while it looks to build up its commercial infrastructure.