Featured Company News – EC Grants AbbVie’s MAVIRET Marketing Authorization for Treatment of Chronic Hepatitis C

LONDON, UK / ACCESSWIRE / August 1, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for AbbVie Inc. (NYSE: ABBV), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ABBV. Watertown, Massachusetts based research and development-focused biotechnology company, Enanta Pharmaceuticals, Inc. (NASDAQ: ENTA) (“Enanta”), announced on July 28, 2017, that the European Commission (EC) has granted AbbVie marketing authorization for MAVIRET® (glecaprevir/pibrentasvir), a once-daily, ribavirin-free treatment for adults with chronic hepatitis C virus (HCV) infection across all major genotypes (GT1-6). For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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Following the marketing authorization, Enanta expects to receive $25 million milestone payment from AbbVie.

About MAVIRET

MAVIRET is a new, 8-week, pan-genotypic treatment for patients without cirrhosis and new to the treatment, who comprise the majority of the estimated 71 million people worldwide living with HCV. MAVIRET is also approved for use in HCV patients who have chronic kidney disease (CKD), or those with genotype 3 chronic HCV infections. MAVIRET is the only pan-genotypic treatment approved for use in patients across all stages of CKD.

8-Week Treatment Option for HCV Patients in Europe

Commenting on the authorization, Jay R. Luly, Ph.D., President, and CEO of Enanta, stated:

“This authorization means that MAVIRET now has the opportunity to address the majority of HCV patients in Europe with a simple, pan-genotypic, 8-week treatment option, and is also approved for use in patients across all stages of CKD. We are thrilled to have our second protease inhibitor approved and be part of this exciting new HCV regimen.”

Michael Severino, M.D., Executive Vice President, Research & Development and Chief Scientific Officer of AbbVie, said:

“MAVIRET represents an innovation in HCV care as an 8-week, pan-genotypic option that combines two distinct antiviral agents and has high efficacy even against most genotypes commonly associated with resistance to treatment. This new treatment advancement has the potential to meet the diverse needs of patients in as short as 8 weeks across Europe.”

Marketing Authorization Supported by 97.5% Cure Rate

MAVIRET’s approval is backed by data from eight registrational studies in AbbVie’s clinical development program, which assessed more than 2,300 patients in 27 countries across all major HCV genotypes (GT1-6) and special populations. The authorization is supported by 97.5% cure rate with just 8 weeks of treatment in GT1-6 patients without cirrhosis and new to treatment. This high cure rate was achieved in patients with varied patient and viral characteristics and including those with CKD.

As per the release, EC authorization follows the European Medicines Agency’s review of MAVIRET under accelerated assessment, which is granted to new medicines of major public health interest. AbbVie’s MAVIRET treatment is now licensed for use in all 28 member states of the EU as well as Iceland, Liechtenstein, and Norway. AbbVie’s investigational, pan-genotypic regimen has also been granted accelerated review designations by other regulatory authorities, including the US Food and Drug Administration and the Japanese Ministry of Health, Labor, and Welfare.

About Enanta Pharmaceuticals

Enanta Pharmaceuticals uses its robust chemistry-driven approach and drug discovery capabilities to create small molecule drugs for viral infections and liver diseases. The Company’s research and development efforts are currently focused on the following disease targets: nonalcoholic steatohepatitis (NASH)/ primary biliary cholangitis (PBC), respiratory syncytial virus (RSV), and hepatitis B virus (HBV).

Last Close Stock Review

AbbVie’s share price finished yesterday’s trading session at $69.91, slightly down 0.75%. A total volume of 7.76 million shares have exchanged hands, which was higher than the 3-month average volume of 5.52 million shares. The Company’s stock price surged 5.16% in the last three months, 15.69% in the past six months, and 5.56% in the previous twelve months. Additionally, the stock rallied 11.64% since the start of the year. Shares of the Company have a PE ratio of 18.00 and have a dividend yield of 3.66%. The stock currently has a market cap of $113.30 billion.

On Monday, July 31, 2017, the stock closed the trading session at $38.11, slightly up 0.18% from its previous closing price of $38.04. A total volume of 154.22 thousand shares have exchanged hands. Enanta Pharma’s stock price skyrocketed 4.96% in the last one month, 17.30% in the past six months, and 69.45% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 13.76%. The stock currently has a market cap of $727.52 million.

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