Allergan Inc. (NYSE:AGN) showed a drop in their share value at the beginning of May following disclosure in their 1Q13 earnings of a 1-2 year delay for “AGN-150998” to treat age-related macular degeneration (AMD). The 13% share price fall of $14.88 to $98.67 a share reflected stockholders’ uncertainty regarding a potential delay in product launch and timing of subsequent revenues. The company stated that analysis of the Phase II program for the product did not “support directly moving to Phase III”, and that an additional stage to an ongoing Phase II study may be required before progressing to a more expensive Phase III trial. AGN-150998 is a designed ankyrin repeat protein (“DARPin”) that antagonizes VEGF-A for ophthalmic indications licensed in from the Swiss company, Molecular Partners AG.
Allergan Inc., announces a delay of up to 2-years for its AMD pipeline
- by swdadmin