SNY - Clovis Oncology (CLVS) Stock Pops 7% on Supply Agreement
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Clovis Oncology (NASDAQ:CLVS) stock is rallying 7% in mid-morning trading after the company announced a major deal with NorthStar Medical Radioisotopes. According to the agreement, which was announced by NorthStar today, Clovis will utilize NorthStar’s medical radioisotope, known as Ac-225.
NorthStar noted that its products are utilized “for therapeutic applications and medical imaging.” The company stated that Clovis intends to use Ac-225 to “radiolabel” one of the “radionuclide” drugs — FAP-2286 — that it’s developing.
Radiolabeling allows drug researchers to “see how a new drug is metabolized as it travels through the test subject’s body.” Meanwhile, radionuclide therapy (also called molecular radiotherapy): “involves a radioactive drug called a radiopharmaceutical that targets cancer cells.”
FAP-2286 targets a protein that’s found in many varieties of tumors, NorthStar reported.
The company added that Ac-225, in tandem with certain molecules, “directly target[s] and deliver[s] therapeutic doses of radiation to destroy cancer cells in patients with serious disease.”
CLVS Stock and Takeover Speculation
Last month, rumors arose that Sanofi (NYSE:SNY), a French pharmaceutical giant, was thinking of submitting a takeover bid for Clovis, InvestorPlace Writer Joel Baglole reported. Meanwhile, retail investors have been speculating on social media whether Clovis will be acquired.
Successful Trials
On June 6, Clovis disclosed that its Rubraca drug had, in a Phase 3 trial: “significantly improved investigator-assessed progression-free survival (PFS) compared with placebo in women with advanced ovarian cancer irrespective of biomarker status.”
On June 14, the company disclosed that FAP-2286, in a Phase 1 trial, had triggered “a confirmed partial response” in one of the nine cancer patients treated with the drug. The company plans to launch a Phase 2 trial of the drug by the end of this year.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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