Shares in Shire (LON:SHP) have jumped more than five percent in London in today’s session, as the rare disease specialist unveiled upbeat late-stage trial data for an experimental treatment of hereditary angioedema. The successful study results are expected to form the basis for a marketing application for the drug in the US.
As of 13:26 BST, Shire’s share price had jumped 5.25 percent to 4,980.00p as of 13:26 BST, outperforming the broader market, with the FTSE 100 index currently standing 1.25 percent in the red at 7,409.82 points. The group’s shares have added more than 21 percent to their value over the past year, and are up by a little over six percent in the year-to-date.
Shire announced in a statement today that its investigational treatment lanadelumab had reduced the monthly attack rate of hereditary angioedema by 87 percent in a late-stage trial, compared with placebo. Hereditary angioedema is a rare genetic disease characterised by recurrent swelling of extremities, gastrointestinal tract, and upper airways. The London-listed pharmco noted that the study had met its primary endpoint and all secondary endpoints “with highly statistically significant and clinically meaningful results”.
“We are extremely encouraged by these topline Phase 3 results,” Shire’s chief executive Flemming Ornskov commented in the statement. The company noted that it was planning to submit a biologics license application (BLA) for evaluation by the US Food and Drug Administration (FDA) by late 2017 or early 2018.
The results follow Shire’s first-quarter update last month when the rare disease specialist delivered a rise in earnings for the first three months of the year. The company further reiterated its full-year guidance with sales targets of between $14.5 billion and $14.8 billion, and diluted earnings per American depositary share of between $6.95 and $7.55 on a reported basis.