Dive Brief:
- As a rare drug maker with an orphan drug in development for treatment of Duchenne, a muscle-wasting disease, PTC Therapeutics is a potential takeover target for Shire and BioMarin.
- Once the rumor of potential takeover took hold, PTC's stock shot up. At one point, it was up as much as 25%, but then it backed off. As of yesterday, at the close of the market, it was trading at $64.91—more than a 15% increase overall.
- Prosensa, another company that makes a treatment for Duchenne, struck an $840 million sale deal with BioMarin in November. The company is competing fiercely with Sarepta Therapeutics in Duchenne therapies.
Dive Insight:
PTC Therapeutics has received orphan drug status for products in both the U.S. and the EU and is moving forward in both regulatory processes.
A major part of this story is Shire, and what Shire is trying to accomplish as a rare drugmaker with a growing portfolio of drugs and even bigger ambitions. Shire recently acquired NPS Pharmaceuticals and has recently taken a pass at Salix Pharmaceuticals, so this could represent a good opportunity for acquisition.