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Novartis AG (NVS) - $25 value - yours FREE >>
Bristol Myers Squibb Company (BMY) - $25 value - yours FREE >>
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Novartis (NVS) Announces Positive Results on Migraine Drug
Novartis AG (NVS - Free Report) reported positive first results from the global phase II study, 20120295 on pipeline candidate, AMG 334 (erenumab).
The study evaluated AMG 334 at two doses, 70mg and 140mg, administered subcutaneously once a month for the treatment of chronic migraine.
The data from the randomized, 12-week, double-blind, placebo-controlled study showed that treatment with the candidate resulted in a statistically significant reduction in the number of monthly migraine days compared with placebo. Overall, patients had a mean baseline of 18 migraine days per month. The data also showed that safety and tolerability profile of AMG 334 was similar to placebo in both treatment groups.
We remind investors that Novartis is developing AMG334 in collaboration with Amgen, Inc. (AMGN - Free Report) . As part of the agreement, Amgen owns commercialization rights in the U.S., Canada and Japan, while Novartis has rights in Europe and rest of world. Both companies entered into a global collaboration agreement in 2015 to commercialize and develop pioneering neuroscience treatments for Alzheimer's and migraine.
Novartis is also planning to assess the benefit of AMG 334 in two ongoing phase III studies in episodic migraine. Initial data from the studies are expected later in 2016.
Approval of new drugs and label expansion of existing ones bode well for Novartis as it has been facing stiff generic competition for some of its key drugs like Diovan and Gleevec. This apart, its oncology drugs are facing competition from immuno-oncology therapies. Moreover, its Alcon segment is witnessing a decline in surgical equipment sales in the U.S. and emerging markets.
Novartis currently carries a Zacks Rank #4 (Sell). A couple of better-ranked stocks in the health care sector are Pfizer Inc. (PFE - Free Report) and Bristol-Myers Squibb Company (BMY - Free Report) . Both the stocks sport a Zacks Rank #1 (Strong Buy).
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