Concert rises after selling CF programs to Vertex

Concert Pharmaceuticals Inc. (NASDAQ:CNCE) jumped $5.99 (62%) to $15.64 on Monday after it said Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) will acquire all of its cystic fibrosis programs, including CTP-656, a deuterated version of Vertex's Kalydeco ivacaftor. Concert is to receive $160 million in upfront cash and is eligible for $90 million in regulatory milestones.

Concert expects top-line data in 4Q17 from a Phase II trial comparing CTP-656 with Kalydeco and placebo in CF patients with CF transmembrane conductance regulator (CFTR) gating mutations. The deal also includes "research and preclinical" CF programs, Concert said...