Following Three Healthcare Stocks News Update: Pfizer Inc (NYSE:PFE), Merck & Co., Inc (NYSE:MRK), AVEO Pharmaceuticals, Inc (NASDAQ:AVEO)
Pfizer Inc (NYSE:PFE)
Shares of Pfizer Inc (NYSE:PFE) added 1.41% and closed at $32.44 in the last trading session. The last trading range of the stock ranges between $32.01 and $32.46.
Alibaba Group Holding Ltd. has hired a fakes-busting veteran to a new anticounterfeiting role, a move to address the fake goods that have long drawn criticism to the Chinese e-commerce giant, according to WSJ
Matthew Bassiur will join Alibaba next month as vice president, head of global intellectual property enforcement, Alibaba said in a news release Monday. Mr. Bassiur previously oversaw anticounterfeiting for Pfizer Inc. and Apple Inc., and was a federal prosecutor for the U.S. Department of Justice before that, Alibaba said in the statement.
The appointment comes as U.S. trade officials issued another warning to Alibaba last week, saying brand owners continue to complain that its online markets Taobao and Tmall are major sellers of fake goods. Alibaba has said it is committed to fighting fakes and that all e-commerce companies face counterfeiting issues.
“Matthew’s appointment is the latest step in Alibaba Group’s comprehensive and industry-leading efforts to fight counterfeits,” said Alibaba Executive Chairman Jack Ma in the statement.
An Alibaba spokesman said Mr. Bassiur will help develop the processes for the company’s global anticounterfeiting efforts, while working with Alibaba’s industry partners, government regulators, law enforcement and other organizations. WSJ Report
Merck & Co., Inc (NYSE:MRK)
Merck & Co., Inc (NYSE:MRK) jumped 0.48% and closed at $51.89 in the last trading session. The last trading range of the stock ranges between $51.20 and $52.15. The company’s Market capitalization is $144.26B with the total Outstanding Shares of 2.79B.
Speaking to , Merck & Co., Inc. (NYSE: MRK)s CEO Kenneth Frazier talked about the companys Keytruda drug that is used to treat patients suffering from lung cancer, according to AverageBenzinga
Frazier, citing recent data from studies, said that using Keytruda could extend the life of a patient by about 13 months on average.
This is a new category of drugs that stimulates the bodys immune system, the executive said. We know that it will reduce the risk of death by 30-40 percent for people who had failed on standard chemo-therapy.
Separately, Frazier commented on the recent wave of M&A in the sector, particularly tax inversion deals. He said that U.S.-based pharmaceutical companies are at a structural disadvantage in terms of global competition for IP assets, talent and capital. AverageBenzinga Report
AVEO Pharmaceuticals, Inc (NASDAQ:AVEO)
Shares of AVEO Pharmaceuticals, Inc (NASDAQ:AVEO), ended its last trade with 22.33% gain, and closed at $1.26. The Average Volume of the company is at 10.45M with the Outstanding Shares of 58.18M. The Earnings per Share of the company stands at $-0.41.
AVEO Oncology (AVEO) and EUSA Pharma, a newly-established specialty pharmaceutical business with global reach, declared an exclusive license agreement in which AVEO has granted EUSA Pharma European rights to tivozanib for the treatment of advanced renal cell carcinoma (“RCC”). The agreement also comprises a number of additional territories outside North America, counting South America and South Africa, and additional potential indications.
Under the terms of the agreement, EUSA Pharma will pay AVEO an upfront research and development funding payment of $2.5 million, and up to $394 million in potential payments and milestones, assuming successful achievement of specified development, regulatory and commercialization objectives, in addition to a tiered royalty ranging from a low double-digit up to mid-twenty percent on net sales of tivozanib in the agreement’s territories. A percentage of milestone and royalty payments received by AVEO are due to Kyowa Hakko Kirin as a sublicensing fee.
“Our agreement with EUSA Pharma marks a critical step in the execution of our company strategy. Between our partnership with EUSA and our previous agreements with Ophthotech and Pharmstandard, we have a solid foundation to potentially generate near-term capital and long-term value for this important asset while retaining commercial rights to tivozanib in oncology in North America,” said Michael Bailey, president and chief executive officer of AVEO. “These tivozanib partnerships collectively amount to over $35 million in potential payments over the next 18 months in addition to potential payments from our other licensed pipeline assets, which could provide substantial additional funding to support our tivozanib development strategy for North America. We look forward to working with the practiced commercial and regulatory team at EUSA Pharma as they seek to successfully commercialize tivozanib in Europe.”
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