Pharmaceuticals are facing big patent cliff problems this year, but several biotechnology stocks have been doing quite well: Their biologic drugs command high prices, tend become blockbusters, and they are in far less danger from generic competition. Here are the big winners so far this year.
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At a liver disease conference in Boston, one highlight is expected to be reports from Achillion about its new hepatitis C treatments, especially ACH-1625. The buzz is growing that the little biotech is attracting the attention of some players in Big Pharma.
Swiss pharmaceutical company Novartis announced Tuesday that it had discontinued the development of two drugs -- the hepatitis C treatment Zalbin, and antifungal agent Mycograb. The company will take impairment charges of approximately $590 million in third quarter of 2010.
Its development of novel treatments for hepatitis C is leading Achillion to seek partnerships with major drugmakers. Many analysts see great potential for its drugs and expect it to strike one or more deals soon.
Viral hepatitis is the leading cause of liver cancer and the most common reason for a liver transplant, but few treatments exist. CEO Mike Kishbauch explains how Achillion is trying to change that. Wall Street is watching.