Shire ADRs Jump Almost 7% Premarket After Positive Trial Of Angioedema Treatment

By Ciara Linnane Markets MarketWatch Pulse

Shire Plc American Depositary Receipts jumped almost 7% in premarket trade Thursday, after the company reported positive results from a late-stage trial of a treatment for Hereditary Angioedema (HAE), a rate genetic disease that causes swelling of the extremities, gastrointestinal tract, and upper airways. The company said a Phase 3 trial of investigational drug lanadelumab met its primary goal and all secondary goals "with highly statistically significant and clinically meaningful results." Current treatment options for the disease include injections for acute attacks or short-acting intravenous infusions that are given twice a week. "If approved, lanadelumab may offer patients a long-acting treatment option that significantly reduces HAE attacks when administered subcutaneously as infrequently as every four weeks," Banerji, M.D., Massachusetts General Hospital, Boston, MA and clinical trial investigator, said in a statement. HAE affects 1 in 10,000 to 1 in 50,000 people around the world. Shire is planning to submit a biologics license application to the U.S. FDA by late 2017 or early 2018. The ADRs have gained 7% in 2017 through Wednesday, while the S&P 500 has gained 5%.

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