EUROPEAN: bourses were all down, on the reporting period to February 2, falling on each trading day except January 28, when markets were boosted by a strong rally in the battered banking sector. ZURICH fell 4.6% and, there, Novartis plunged 9.7%, after the firm posted what were perceived as disappointing full-year 2008 figures, despite a 25% profits jump and the firm projecting another year of record results for 2009 (Marketletter February 2). Roche was down 4.2% ahead of reporting financial results, but after "going hostile" in its bid for US affiliate Genentech (see pages 2 and 11). In AMSTERDAM, Crucell partly rebounded from its previous week's 18.5% slump - caused by news that Wyeth would not proceed with takeover talks - rising 8.3% week-on-week. FRANKFURT saw drug major Merck KGaA succumb to profit-taking, falling 7.6%, after rising on the previous week's news that it was leading the race to get an oral multiple sclerosis drug to market. SYGNIS advanced 6.6%, benefiting from news that dievini Hopp BioTech had increased its stake in the company, as well as by positive clinical trial results suggesting that fasudil, a rho-kinase inhibitor to which the German firm has development rights as a potential memory enhancer, may reduce the risk of Alzheimer's disease.
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A Nasdaq-listed biopharmaceutical company developing small-molecule medicines for cardiovascular, metabolic and neurological diseases. Lexicon Pharmaceuticals focuses on therapies discovered through genetic and molecular research designed to address serious chronic conditions.
Stock Commentary - Europe - week to Feb 2, 2009
EUROPEAN: bourses were all down, on the reporting period to February 2, falling on each trading day except January 28, when markets were boosted by a strong rally in the battered banking sector. ZURICH fell 4.6% and, there, Novartis plunged 9.7%, after the firm posted what were perceived as disappointing full-year 2008 figures, despite a 25% profits jump and the firm projecting another year of record results for 2009 (Marketletter February 2). Roche was down 4.2% ahead of reporting financial results, but after "going hostile" in its bid for US affiliate Genentech (see pages 2 and 11). In AMSTERDAM, Crucell partly rebounded from its previous week's 18.5% slump - caused by news that Wyeth would not proceed with takeover talks - rising 8.3% week-on-week. FRANKFURT saw drug major Merck KGaA succumb to profit-taking, falling 7.6%, after rising on the previous week's news that it was leading the race to get an oral multiple sclerosis drug to market. SYGNIS advanced 6.6%, benefiting from news that dievini Hopp BioTech had increased its stake in the company, as well as by positive clinical trial results suggesting that fasudil, a rho-kinase inhibitor to which the German firm has development rights as a potential memory enhancer, may reduce the risk of Alzheimer's disease.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
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