Shares in GlaxoSmithKline (LON:GSK) have advanced in London this morning as the company announced that a two-drug treatment for HIV had met its main goal in late-stage trials. The news comes after the blue-chip drugmaker said earlier this week that the boss of its Vaccines business was leaving the company at the end of the year.
As of 10:12 BST, GSK’s share price had added 0.61 percent to 1,554.60p. The shares are outperforming the broader UK market, with the benchmark FTSE 100 index having slipped into negative territory and currently standing 0.61 percent in the red at 7,657.07 points.
HIV treatment meets goals
GSK announced in a statement today that its majority-owned ViiV Healthcare unit had reported that two late-stage trials, evaluating the safety and efficacy of its two-drug HIV therapy of dolutegravir and lamivudine, had met their primary endpoint. The trials demonstrated similar efficacy of the two-drug regimen compared to a standard three-drug therapy.
John C. Pottage, Jr., MD, Chief Scientific and Medical Officer of ViiV Healthcare, hailed the results, noting that the studies reaffirmed the company’s two-drug regimen strategy, and reinforced its “belief that many patients can control their disease with two drugs instead of three or more”.
ViiV Healthcare said that it will now plan for regulatory submissions for the two-drug regimen of dolutegravir and lamivudine later this year, while the full results from the studies will be presented at an upcoming scientific meeting.
GSK analyst ratings update
Liberum Capital reaffirmed the blue-chip pharmco as a ‘buy’ yesterday, without specifying a price target on the shares. According to MarketBeat, the FTSE 100 drugmaker currently has a consensus ‘hold’ rating and an average price target of 1,549.52p.