Gilead Sciences Inc. (NASDAQ:GILD)’s shares declined 0.95% to $89. Two U.S. senators asked Gilead Sciences Inc. to produce documents explaining why its new hepatitis C drug is priced at $84,000, raising renewed concerns over the high costs to taxpayers. In a letter sent on July 11, Sen. Ron Wyden, D-Oregon, and Sen. Chuck Grassley, R-Iowa, asked Gilead to explain whySovaldi’s high price — at $1,000 per pill — differs from other countries and a previous U.S. estimate. Pharmasset, the drug’s original developer, priced the treatment at $36,000, the senators wrote, citing documents filed with the Securities and Exchange Commission.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)’s shares declined 4.28% to $4.92. The company on July 15 announced that it was granted U.S. Patent No. 8,778,950, entitled “Cannabinoid Receptor Modulators,” by the United States Patent and Trademark Office for APD371, an agonist of the cannabinoid receptor 2 (CB2). Arena is exploring several potential indications for APD371, including chronic pain, and is currently conducting a Phase 1 single-ascending dose trial. Arena owns patents and pending patent applications covering compositions of matter for APD371 and related compounds, as well as methods of treatment utilizing APD371 and related compounds.
Ariad Pharmaceuticals Inc. (NASDAQ:ARIA)’s shares dropped 5.11% to $5.57. The company on July 14 announced that the Pharmacovigilance Risk Assessment Committee (PRAC) of the European Medicines Agency (EMA) has provided the Company with a request for limited additional information regarding Iclusig® (ponatinib) as part of its ongoing review under the Article 20 referral procedure. The PRAC has requested further information regarding proposed dose modifications after achievement of a response and patient monitoring and details concerning a risk management plan. Following ARIAD’s response and input from the agency’s Scientific Advisory Group, the Company expects that the PRAC will complete its review and make final recommendations to the Committee for Medicinal Products for Human Use (CHMP) at its meeting in October 2014.