The share price of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) fell 5.4% by mid-afternoon on the TASE to NIS 137.20, after Biogen Idec Inc. (Nasdaq: BIIB) announced positive top-line results from its Confirm trial, the second of two pivotal Phase III clinical trials for its oral multiple sclerosis treatment BG-12 - a rival of Teva's Laquinimod.
The Confirm study showed that BG240 mg of BG-12, administered either twice a day or three times a day demonstrated significant efficacy and favorable safety and tolerability profiles. Last week, Biogen reported positive results from the Define study, the first phase of the Phase III clinical trial of BG-12.
Biogen said that BG-12 met the primary endpoint significantly reducing annualized relapse rate by 41% after two years in multiple sclerosis patents take the drug twice a day, and by 51% in patients taking the drug three times a day, compared with a placebo. BG-12 also met the secondary endpoints.
Teva's share price fell 1.1% on Nasdaq yesterday to $39.11, giving a market cap of $34.9 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011