Sangamo Therapeutics saw its shares soar by 36% after Roche announced the discontinuation of its gene therapy program for hemophilia A, specifically the SPK-8011 therapy. This decision, described as a "strategic decision," follows Roche's acquisition of Spark Therapeutics in 2019. Sangamo is collaborating with Pfizer on a competing gene therapy, giroctocogene fitelparvovec, targeting the same condition.
AbbVie's schizophrenia drug emraclidine failed two mid-phase trials, performing no better than placebo, resulting in a $40 billion market cap loss for the company. This setback follows the recent approval of Bristol Myers Squibb's Cobenfy, the first new schizophrenia drug in decades, which boosted BMS's share price by 12%. The failure raises concerns for other companies developing similar drugs in the same class.
Hookipa Pharma reported a Q3 net loss of $13.8 million, an improvement from $19.1 million a year prior, amid a strategic shift following the termination of a collaboration with Roche. Revenue from collaboration and licensing fell to $4.7 million, down from $6.9 million, while operating expenses decreased to $23.3 million from $29.5 million. The company is actively seeking funding to sustain its development programs and address ongoing financial challenges.
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