BUZZ-PepGen, Dyne rise after Novartis' $12 bln deal to buy rival Avidity
Reuters
Oct 27
BUZZ-PepGen, Dyne rise after Novartis' $12 bln deal to buy rival Avidity
** Shares of drug developer PepGen PEPG.O up 21% at $5.53, while Dyne TherapeuticsDYN.O rise 37.5% at $23.54
** Rival Avidity Biosciences RNA.O on Sunday agreed to be acquired by Swiss drugmaker Novartis NOVN.S for about $12 billion in cash to bolster its portfolio of treatments for rare muscle disorders
** Pepgen and Dyne are also currently developing drugs to treat rare muscle disorders such as myotonic dystrophy type 1
** "We anticipate DYN to trade materially higher tomorrow given similar platform, not materially behind RNA and $2.4b cap"- RBC Capital Markets
** Including session moves, DYN up 1.8% and PEPG up 47.8% YTD
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.