Agios adds more than 13% after Novo deal to acquire rival Forma

Sep. 01, 2022 11:58 AM ETAgios Pharmaceuticals, Inc. (AGIO)NVO, NONOFBy: Dulan Lokuwithana, SA News Editor

Sickle-cell disease

Hailshadow

  • Agios Pharmaceuticals (NASDAQ:AGIO), a biotech targeting the blood disorder sickle cell disease (SCD), climbed more than 13% in morning hours Thursday after Forma Therapeutics (FMTX), a rival developer with a similar focus, reached a $1.1B buyout agreement with Novo Nordisk (NVO).
  • The all-cash deal announced in the pre-market allows Danish drugmaker to access FMTX’s oral once-daily drug candidate Etavopivat which is in a global phase 2/3 trial for SCD. FMTX shares added ~49% in reaction.
  • AGIO is advancing its SCD candidate Pyrukynd (mitapivat) in pediatric patients who suffer from pyruvate kinase enzyme deficiency. The FDA has granted orphan drug designation for oral therapy as a treatment for thalassemia and SCD.
  • Early this year, the FDA approved Pyrukynd for hemolytic anemia in adults with PK deficiency. The European review of the drug is currently underway, with a decision expected by the end of 2022.

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