Shire PLC (ADR) (NASDAQ:SHPG) stock has been on an upward trend since the company announced positive results from its Phase III trials for the Hereditary Angioedema (HAE) drug.
Shire reported good news about the HAE drug known as lanadelumab which is one of the major treatments that the company has been working on. The announcement seemed to have pleased investors because the firm’s stock has so far surged. It has been up by 10.6% this year. The stock has even surpassed Zacks medical-drugs industry estimates by 7%. The pharmaceutical giant reported that the phase III trials achieved the primary and secondary endpoints with highly acceptable results in all the three phases.
Shire phase III results translate to positive expectations for the treatment
According to Shire, the results of the phase III trials proved that lanadelumab effectively reduced the frequency of HAE attacks by 87% compared to placebo. The results were achieved when the drug was administered in 300mg doses once every two weeks. The company plans to apply for a biologics license from the FDA either towards the end of this year or early next year. The HAE treatment currently has Orphan Drug Destination in both the U.S and the UK. It also has Breakthrough Therapy destination in the U.S.
Shire reported that the results were consistent even though there was a baseline attack rate. A large percentage of patients who participated in the Phase III trials did not have any attacks throughout the 26 weeks of the study.
“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,” stated Aleena Banerji, a clinical trial investigator from the Massachusetts General Hospital.
Once lanadelumab is fully developed and commercialized, it will be one of the major revenue boosters for the company alongside other drugs such as Firazyr and Cinrzye. Shire has been looking to strengthen its position in the HAE market and was why it previously acquired biotech firm Dyax Corp. (NASDAQ:DYAX). The acquisition brought on board another HAE treatment called Kalbitor.
Shire stock closed the latest trading session on Friday at $189.14.
