EUROPEAN: bourses were all higher for the reporting week to September 1, though with little direction on the last day when US markets were closed for the Labor Day holiday. FRANKFURT saw a 2% gain in the Xetra Dax, with a solid showing for Bayer, which gained 4.4% on the week, helped by positive news relating its anti-coagulant drug Xarelto (rivaroxaban) and news that it had submitted its recombinant human thrombin Recothrom for European approval, as well as the firm saying that its thrombin alfa (recombinant) agent could achieve peak annual sales of $250.0 million in the USA and a like figure in the rest of the world. Evotec was the best performer, but on no specific news, while MorphoSys gained 0.8%, recovering from a downturn after its chief financial officer sold some 920,000 euros ($1.34 million) worth of his shares in the firm.
LONDON: share prices were flatter than the rest of Europe, with the FTSE 100 up just 1.8% on the week, but with some dramatic movements in the pharmaceutical sector. SkyePharma, which has been in the doldrums for quite a while due to re-financing issues, shot up 91.7% on hopes for an announcement that it had renegotiated its L90.0 million ($161.9 million) of convertible debt, news of which was confirmed after the current reporting period closed. Last week's star, Protherics, which leapt more than 84% after the firm said it had received bid approaches, went into reverse, falling 19.2% overall, as investors started doubting that a deal was in the offing. Alizyme was down 11.4%, after it said that the timing of its marketing application for Colal-Pred (prednisolone metasulfobenzoate), for the treatment of ulcerative colitis, was uncertain.
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Stock Commentary - Europe - week to Sept 1, 2008
EUROPEAN: bourses were all higher for the reporting week to September 1, though with little direction on the last day when US markets were closed for the Labor Day holiday. FRANKFURT saw a 2% gain in the Xetra Dax, with a solid showing for Bayer, which gained 4.4% on the week, helped by positive news relating its anti-coagulant drug Xarelto (rivaroxaban) and news that it had submitted its recombinant human thrombin Recothrom for European approval, as well as the firm saying that its thrombin alfa (recombinant) agent could achieve peak annual sales of $250.0 million in the USA and a like figure in the rest of the world. Evotec was the best performer, but on no specific news, while MorphoSys gained 0.8%, recovering from a downturn after its chief financial officer sold some 920,000 euros ($1.34 million) worth of his shares in the firm.
LONDON: share prices were flatter than the rest of Europe, with the FTSE 100 up just 1.8% on the week, but with some dramatic movements in the pharmaceutical sector. SkyePharma, which has been in the doldrums for quite a while due to re-financing issues, shot up 91.7% on hopes for an announcement that it had renegotiated its L90.0 million ($161.9 million) of convertible debt, news of which was confirmed after the current reporting period closed. Last week's star, Protherics, which leapt more than 84% after the firm said it had received bid approaches, went into reverse, falling 19.2% overall, as investors started doubting that a deal was in the offing. Alizyme was down 11.4%, after it said that the timing of its marketing application for Colal-Pred (prednisolone metasulfobenzoate), for the treatment of ulcerative colitis, was uncertain.
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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