Celgene, Abraxis CVR soar on Abraxane data

Celgene Corp. (NASDAQ:CELG) gained $4.16 to $75.66 on Monday after reporting late Friday that Abraxane nab-paclitaxel met the primary endpoint of overall survival (OS) vs. gemcitabine alone in the Phase III MPACT trial to treat metastatic pancreatic cancer in treatment-naïve patients. The Abraxis BioScience Inc. contingent value right (CVR), which trades on NASDAQ under the ticker CELGZ, jumped $2.79 (90%) to $5.90 on Monday on the data (see BioCentury Extra, Nov. 9).

Abraxis shareholders are eligible for $300 million ($7.41 per CVR) for FDA approval of Abraxane for pancreatic cancer with an OS claim on the label, and for $100 million ($2.47 per CVR) if FDA approval for pancreatic cancer is achieved before April 1, 2013. Celgene plans to submit regulatory applications in the U.S., EU and other markets for Abraxane to treat metastatic pancreatic cancer, with an sNDA submission to FDA planned for next year. Celgene acquired Abraxis in 2010 for about $2.9 billion plus the CVR. ...