Back to School: How biopharma can reboot drug development. Access exclusive analysis here

Ebb & Flow

Those who took a break to catch a Fourth of July fireworks show would have seen more spectacular blowups had they remained glued to their Quotrons. Indeed, biotech stocks put on a pyrotechnics show last week that everyone would like to forget, as the BioCentury 100 Index fell 10%.

Alkermes (ALKS) and Tripos (TRPS) started off the first week of the third quarter with plunges of more than 60% on Monday. ALKS fell $10.86 (68%) to $5.15 on 22.2 million shares after partner Johnson & Johnson (JNJ) received a non-approvable letter from the FDA for its Risperdal Consta long-acting injection to treat schizophrenia. The pharma company said FDA had questions related to preclinical data. Risperdal Consta is a formulation of JNJ's Risperdal that uses ALKS's Medisorb drug delivery technology (see Product Development, A6).

"I thought the Alkermes news was just chilling," said Jonas Alsenas, manager for ING

Read the full 1468 word article

Trial Subscription

Get a two-week free trial subscription to BioCentury


Article Purchase

This article may not be distributed to non-subscribers