ARTICLE | Finance
Fovista proves eye catching
Regeneron hit on positive data for Ophthotech's Fovista in wet AMD
June 18, 2012 7:00 AM UTC
Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) lost $1.5 billion in market cap last Wednesday as investors showed the first signs of doubt about Eylea aflibercept's competitive position in the market for wet age-related macular degeneration drugs. The trigger for the selloff was positive Phase IIb AMD data from Ophthotech Corp. that ultimately could give an edge to Regeneron competitor Roche (SIX:ROG; OTCQX:RHHBY).
Ophthotech tested its Fovista in combination with Roche's Lucentis ranibizumab. The once-monthly combination met the primary endpoint of improving mean visual acuity from baseline to week 24 vs. Lucentis alone (10.6 letters vs. 6.5 letters)...