Bloomberg News

Epizyme Soars as Drugs Reach $29 Million in Milestone Payments

January 07, 2014

Epizyme Inc. (EPZM:US), a developer of drugs for genetically defined cancers, soared the most since its initial public offering after two programs met goals that yielded $29 million in milestone payments from partners.

Epizyme jumped (EPZM:US) 61 percent to $33.07 at 10:12 a.m. New York time, after reaching $34.63 for its biggest intraday increase since the shares were first sold to the public in May. The Cambridge, Massachusetts-based company gained 37 percent since the IPO through yesterday.

One program partnered with Celgene Corp. (CELG:US) met a proof-of-concept goal after patients with a particular genetic aberration responded to the drug, EPZ-5676, earning a $25 million payment, Epizyme said yesterday in a statement. Another program partnered with GlaxoSmithKline Plc met a development milestone for a $4 million payment.

Epizyme said it ended 2013 with about $145 million in cash and account receivables, including the milestone payments, compared with its projections for more than $115 million.

To contact the reporter on this story: Meg Tirrell in New York at mtirrell@bloomberg.net

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


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Companies Mentioned

  • EPZM
    (Epizyme Inc)
    • $19.98 USD
    • 1.62
    • 8.11%
  • CELG
    (Celgene Corp)
    • $117.18 USD
    • 0.70
    • 0.6%
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