Alexion said that the deal would help it diversify beyond the complement C5 inhibitors like Soliris that have been its primary cash cow. Portola markets drugs for coagulation-related disorders and is also developing a drug for T- and B-cell lymphomas.
The biotech company said it would initiate a Phase III trial of Ultomiris in Covid-19-related pneumonia and acute respiratory distress syndrome. The announcement comes nearly a month after it said it was exploring the use of Soliris, an older and related drug.
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In a conference call with analysts, Alexion CEO Ludwig Hantson said the deal was about patients rather than a defensive move against patent expiration and subsequent biosimilar competition for the drug Soliris.
Shares of Alexion fell more than 11 percent Friday as the office instituted an inter partes review for the drug, Soliris, in the blood disorder paroxysmal nocturnal hemoglobinuria.
Soliris, the drugmaker's cash cow approved for the same disease, faces biosimilar competition as patent expiry looms.
Alexion's CEO and CFO abruptly departed in December, there's allegation of sales fraud, and its 10-Q for the third quarter remains outstanding. The company really needed some good news, but its Phase 2/3 study of Soliris in delayed graft function just didn't deliver.
Healthcare in the U.S. today exists in a complex, fragmented and costly system, and the people this system is designed for deserve a holistic approach to best address their individual health needs.