Vertex Cystic Fibrosis Data Defies Market Drop
Vertex (VRTX) reported interim data on a Phase II study targeting Cystic Fibrosis, which affects 30,000 in the United States and 70,000 worldwide. Previously, the company's KALYDECO drug - which won FDA approval in January - could only be used to treat about 4% of those patients. The news out of Vertex was good for a 55% jump in shares, which put it above the May 2011 highs reached following approval for its blockbuster Hepatitis C treatment Incivek. The reason for excitement surrounding this new data is the nature of specialty drugs, which carry far higher prices and are more insulated from competitive threats. KALYDECO carries a price tag of $294,000 annually. About 1,000 patients in the U.S. have the specific gene mutation and meet the age requirement of six, which means the small market translates into nearly $300 million in annual sales potential. The new study, however, suggests theComplete Story »
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