0916 ET - Kura Oncology's agreement to develop and commercialize its cancer drug wasn't what the doctor ordered, as far as investors are concerned. The biotech company announced a deal with Kyowa Kirin related to ziftomenib, its potential leukemia-treating oral menin inhibitor therapy. Stifel analysts say in a research note that despite it being arguably a good deal for the economics of the drug, investors were looking for a large pharma transaction and will be disappointed. The commercialization deal likely closes off a possible acquisition by a larger company also developing blood-cancer treatments, they say. Investors now have to figure out how to value the company's large cash balance, given a limited valuation for the company's lead drug. Kura nosedives 26% premarket. (ben.glickman@wsj.com; @benglickman)
(END) Dow Jones Newswires
November 21, 2024 09:16 ET (14:16 GMT)
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