Vertex Pharma shares jump more than 20% on cystic fibrosis study results
Vertex Pharmaceuticals Inc. shares surged in the extended session Tuesday after the biotech drug maker said its cystic fibrosis treatment met endpoints in two late-stage clinical studies. Vertex shares rose 6.3% to $95.30 after hours, before being halted. As after-hours trading resumed, shares surged 21% to $108.60. The company said two studies showed its combination treatment of the drug tezacaftor and its branded drug Kalydeco significantly improved the lung function in cystic fibrosis patients. Vertex said it plans to submit marketing applications based on the results to both the U.S. Food and Drug Administration and the European Medicines Agency in the third quarter.
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