Shares of Lexicon Pharmaceuticals (NASDAQ: LXRX) rose over 15% today and have gained about 90% in the last five days as investors continue to digest the fallout from a major partner walking away.
On Sept. 10, the company and Sanofi terminated a collaboration to develop and commercialize Zynquista in type 1 and type 2 diabetes. Sanofi has agreed to pay Lexicon Pharmaceuticals $260 million just to rid itself of the headache from the drug candidate, which has failed to earn regulatory approval in the United States in type 1 diabetes.
As of 12:40 p.m. EDT, the small-cap pharmaceutical stock had settled to a 7.7% gain.