Tags: Epizyme | Shares | Drugs | Milestones

Epizyme Shares Soar as Drugs Reach Milestones

Tuesday, 07 Jan 2014 07:01 PM

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

Epizyme jumped 76 percent to $35.99 at Tuesday's close in New York, its biggest single-day increase since the shares were first sold to the public more than seven months ago. The Cambridge, Massachusetts-based company has more than doubled since the IPO.

One program partnered with Celgene Corp. 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 Monday 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.

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Shares of Epizyme Inc., a developer of drugs for genetically defined cancers, soared 76 percent — the most since its initial public offering in May — after two programs met goals that yielded in milestone payments from partners.
Epizyme,Shares,Drugs,Milestones
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2014-01-07
Tuesday, 07 Jan 2014 07:01 PM
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