Bloomberg News

Idenix Falls as FDA Data Request Delays Hepatitis C Trial (2)

June 21, 2013

Idenix Pharmaceuticals Inc. (IDIX:US), a U.S. drugmaker that stopped development of two hepatitis C therapies this year, plunged the most in almost three years after regulators asked for more safety data on another experimental treatment.

Idenix dropped 31 percent to $3.55 at the close in New York, the biggest single-day decline since September 2010. Food and Drug Administration officials said they needed more safety information about IDX20963 for hepatitis C before allowing human clinical trials to begin, the Cambridge Massachusetts-based company said yesterday in a statement.

Idenix is among companies including AbbVie Inc. (ABBV:US) and Gilead Sciences Inc. (GILD:US) seeking new medicines for the viral disease that attacks the liver and affects an estimated 170 million people worldwide. Analysts estimate the market for such new drugs is $20 billion. The request for more data is expected to delay the start of the clinical program for IDX20963, Idenix said.

“There is a lot more uncertainty right now in terms of when it’s going to Phase 1, if at all,” said Geoffrey Meacham, a JPMorgan Chase & Co. analyst who today lowered the rating on the company to neutral from overweight. “I think it will, but it could be a delay of three months or more,” he said in a telephone interview.

Idenix in February stopped development of two experimental hepatitis C therapies after a drug in the same class of compounds from Bristol-Myers Squibb Co. was linked to heart risks.

The company has declined 66 percent in the past 12 months.

To contact the reporter on this story: Samuel Adams in New York at sadams69@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net


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Companies Mentioned

  • IDIX
    (Idenix Pharmaceuticals Inc)
    • $24.5 USD
    • 0.05
    • 0.2%
  • ABBV
    (AbbVie Inc)
    • $55.7 USD
    • -0.05
    • -0.09%
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