In an interview with Bloomberg published yesterday, Sage’s CEO Jeff Jonas was quoted as saying his company was at the top of everyone’s buying list, sending its shares jumping.
But a few short hours later (and just before the end of after-hours trading), the chief rowed back on the M&A talk.
This comes as the company also got a share boost after its major depressive disorder candidate SAGE-217 recently hit its marks in a small, phase 2 test.
Bloomberg got an interview with Jonas about the data, where he said Sage was “on top of everyone’s M&A list,’’ and has been “hearing a great deal from a lot of companies,” an uncommon mantra from a biotech CEO, especially after a relatively small trial win, but with much more to be done.
But markets like these words, so cue its shares up by 9% in normal trading hours on the news. But later yesterday evening, the company released a statement trying to lower the tone of these comments.
“Dr. Jonas acknowledged the industry’s interest in the MDD data,” the brief update said. “Dr. Jonas’ statements did not imply that the company was in discussions with potential buyers […] Sage will have no further comment on these matters and as a policy does not comment on speculation regarding M&A activities.”
Its shares fell 1.2% afterhours, with its biggest dip coming after the release of this statement, and was down around 5% premarket this morning.
By Ben Adams
Source: Fierce Biotech
Airnov provides critical healthcare industries with high-quality, controlled atmosphere packaging, to protect their products from moisture and oxygen. The business has manufacturing facilities in the USA, France, China and India and employs around 700 people.
Takeda of Japan has partnered with Hong Kong-based Hutchmed, gaining the commercial rights to colorectal cancer drug fruquintinib outside of China for $400 million up front, plus $730 million in potential milestone payments. Takeda also will help develop fruquintinib, which can be applied to subtypes of refractory metastatic colorectal cancer, regardless of biomarker status, the companies said.
On April 3, Scangos, who’s been chief executive officer at Vir since the start of 2017, will hand over the reins to Marianne De Backer, Ph.D. De Backer comes over from Bayer, where she currently heads up pharmaceutical strategy, business development and licensing. Alongside her CEO appointment, De Backer is set to join Vir’s board of directors, the company said Wednesday.