Data News > Post Market Movers: Sangamo Therapeutics Stock Plunges as Pfizer Terminates Hemophilia Drug Partnership
- Sangamo Therapeutics' stock falls over 50% after Pfizer ends collaboration on hemophilia drug
- Pfizer's decision leaves Sangamo without expected payout in the first quarter
- Sangamo regains rights to gene therapy product for hemophilia A
- Pfizer stock struggling to climb back up near pandemic lows
- Sangamo CEO expresses surprise and disappointment at Pfizer's withdrawal
Sangamo Therapeutics faced a significant setback as its stock plummeted more than 50% following Pfizer's abrupt termination of their partnership on a hemophilia drug. The small-cap company was left reeling as Pfizer's decision meant that Sangamo would not receive an anticipated payout in the first quarter, leading to a cash overhang.
On Monday, Sangamo Therapeutics announced that it had regained the development and commercialization rights to giroctocogene fitelparvovec, an investigational gene therapy product for moderately severe to severe hemophilia A. This product had been co-developed and licensed to Pfizer, who had now pulled out of the deal, leaving Sangamo to navigate the future of the drug on its own.
Meanwhile, Pfizer's stock was struggling to gain momentum, trading near its pandemic lows. Despite efforts to climb past the $30 mark, the pharmaceutical giant faced challenges that caused its shares to slide back down each time it made progress. The competitive nature of the pharmaceutical industry required companies like Pfizer to innovate constantly due to expiring patents on their proprietary drugs.
The news of Pfizer's withdrawal hit Sangamo Therapeutics hard, prompting a 50% drop in premarket trading. The collaboration on the gene therapy for hemophilia had shown promise, with the drug meeting its target in a late-stage trial. Pfizer had been expected to seek regulatory approval for the treatment in 2025, making their sudden departure all the more unexpected.
Sangamo's CEO, Sandy Macrae, expressed shock and disappointment at Pfizer's decision, emphasizing the surprise felt by the company at the abrupt end to their collaboration. The future of the hemophilia drug now rests solely in Sangamo's hands, as they navigate this unexpected turn of events and work towards finding a path forward in the wake of Pfizer's exit.
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Post Market Movers: Sangamo Therapeutics Stock Plunges as Pfizer Terminates Hemophilia Drug Partnership
By KlickAnalytics Data Insights | December 31, 2024 08:09PM ET
Key Points
- Sangamo Therapeutics' stock falls over 50% after Pfizer ends collaboration on hemophilia drug
- Pfizer's decision leaves Sangamo without expected payout in the first quarter
- Sangamo regains rights to gene therapy product for hemophilia A
- Pfizer stock struggling to climb back up near pandemic lows
- Sangamo CEO expresses surprise and disappointment at Pfizer's withdrawal
Sangamo Therapeutics faced a significant setback as its stock plummeted more than 50% following Pfizer's abrupt termination of their partnership on a hemophilia drug. The small-cap company was left reeling as Pfizer's decision meant that Sangamo would not receive an anticipated payout in the first quarter, leading to a cash overhang.
On Monday, Sangamo Therapeutics announced that it had regained the development and commercialization rights to giroctocogene fitelparvovec, an investigational gene therapy product for moderately severe to severe hemophilia A. This product had been co-developed and licensed to Pfizer, who had now pulled out of the deal, leaving Sangamo to navigate the future of the drug on its own.
Meanwhile, Pfizer's stock was struggling to gain momentum, trading near its pandemic lows. Despite efforts to climb past the $30 mark, the pharmaceutical giant faced challenges that caused its shares to slide back down each time it made progress. The competitive nature of the pharmaceutical industry required companies like Pfizer to innovate constantly due to expiring patents on their proprietary drugs.
The news of Pfizer's withdrawal hit Sangamo Therapeutics hard, prompting a 50% drop in premarket trading. The collaboration on the gene therapy for hemophilia had shown promise, with the drug meeting its target in a late-stage trial. Pfizer had been expected to seek regulatory approval for the treatment in 2025, making their sudden departure all the more unexpected.
Sangamo's CEO, Sandy Macrae, expressed shock and disappointment at Pfizer's decision, emphasizing the surprise felt by the company at the abrupt end to their collaboration. The future of the hemophilia drug now rests solely in Sangamo's hands, as they navigate this unexpected turn of events and work towards finding a path forward in the wake of Pfizer's exit.
About PFE
Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic and women's health under the Premarin family and Eliquis brands; biologics, small molecules, immunotherapies, and biosimilars under the Ibrance, Xtandi, Sutent, Inlyta, Retacrit, Lorbrena, and Braftovi brands; and sterile injectable and anti-infective medicines, and oral COVID-19 treatment under the Sulperazon, Medrol, Zavicefta, Zithromax, Vfend, Panzyga, and Paxlovid brands. The company also provides medicines and vaccines in various therapeutic areas, such as pneumococcal disease, meningococcal disease, tick-borne encephalitis, and COVID-19 under the Comirnaty/BNT162b2, Nimenrix, FSME/IMMUN-TicoVac, Trumenba, and the Prevnar family brands; biosimilars for chronic immune and inflammatory diseases under the Xeljanz, Enbrel, Inflectra, Eucrisa/Staquis, and Cibinqo brands; and amyloidosis, hemophilia, and endocrine diseases under the Vyndaqel/Vyndamax, BeneFIX, and Genotropin brands. In addition, the company is involved in the contract manufacturing business. It serves wholesalers, retailers, hospitals, clinics, government agencies, pharmacies, and individual provider offices, as well as disease control and prevention centers. The company has collaboration agreements with Bristol-Myers Squibb Company; Astellas Pharma US, Inc.; Myovant Sciences Ltd.; Akcea Therapeutics, Inc; Merck KGaA; Valneva SE; BioNTech SE; and Arvinas, Inc. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York.For more information:
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