Gilead, Idenix Slug it Out (GILD, IDIX)
When biotech company Gilead Sciences Inc. (NASDAQ: GILD) made a deal last month to acquire Pharmasett for $11 billion, no thought it would pay off so soon. Especially the folks at Idenix Pharmaceuticals Inc. (NASDAQ: IDIX). Gilead used its conference…
When biotech company Gilead Sciences Inc. (NASDAQ: GILD) made a deal last month to acquire Pharmasett for $11 billion, no thought it would pay off so soon. Especially the folks at Idenix Pharmaceuticals Inc. (NASDAQ: IDIX).
Gilead used its conference call last night to reveal that Pharmasett’s hepatitis C drug, now called GS-7977, when used in combination with ribavirin eliminated all symptoms of a certain type of hepatitis C in just four weeks.
Idenix, meanwhile, reported that the US FDA had lifted a partial hold on trials of the company’s hepatitis C drug, dubbed IDX184. That news momentarily lifted the stock, but it wasn’t enough to overcome the Gilead story.
Gilead’s shares are up nearly 10% today, at $54.22 after posting a new 52-week high of $54.77 earlier. Idenix shares are down nearly -13% at $11.48 in a 52-week range of $2.67-$15.25.
The race to be first to market with a hepatitis C drug now has Gilead ahead in the backstretch.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.