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Veloxis Drops as Danske Sees Astellas Threat: Copenhagen Mover

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Sept. 26 (Bloomberg) -- Veloxis Pharmaceuticals A/S, the Danish maker of a treatment for transplant patients, fell the most in more than two weeks in Copenhagen trading after Danske Bank A/S said its product faces increased competition.

Veloxis fell as much as 5.7 percent, the most since Sept. 10. The stock of the Hoersholm, Denmark-based company retreated 2.9 percent to 0.33 krone at 10:11 a.m. in the Danish capital.

Astellas Pharma Inc., based in Tokyo, said Sept. 24 it’s seeking approval for its tacrolimus organ rejection treatment with the U.S. Food and Drug Administration. That will hurt U.S. sales for Veloxis, Danske said today in a note to clients, cutting its recommendation on the share to hold from buy.

“This is bad news for Veloxis, as it is likely to lead to more competition,” Danske said. The Copenhagen-based bank has a 0.35-krone price estimate on the share.

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

To contact the editor responsible for this story: Toby Alder at talder@bloomberg.net

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