Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Biotie Jumps Most in Seven Weeks on Drug Plans: Helsinki Mover

Sept. 24 (Bloomberg) -- Biotie Therapies Oyj, the drugmaker that developed an anti-alcoholism drug with H. Lundbeck A/S, rose the most in more than seven weeks after announcing the results of a review to maximize value from its products.

The shares rose as much as 5.9 percent, the biggest jump since Aug. 5. The stock was up 2.9 percent at 35 euro cents as of 1:31 p.m. in the Finnish capital. The volume of shares traded was more than three times the three-month daily average.

“We now have a clear strategy for each of our current products that we believe will allow us to enhance shareholder value,” Chief Executive Officer Timo Veromaa said in a statement today. “We will also utilize our relatively strong financial position to identify new assets that will further strengthen our portfolio and that we could potentially develop all the way to the market.”

Biotie expects to exercise an option in the first half of 2014 to acquire Neurelis Inc. and its NRL-1 product, a proprietary intranasal formulation of diazepam to help manage epileptic seizures, according to the statement. The Turku, Finland-based company is also in advanced talks to fund a mid-stage study of BTT-1023 to treat primary sclerosing cholangitis, a rare disease of the liver in young adults.

The company also said it’s in advanced discussions on a potential partnership for an experimental treatment for Alzheimer’s disease. Results of a study on treating cocaine dependency with a drug called nepicastat are expected in about two years, Biotie said.

To contact the reporter on this story: Kati Pohjanpalo in Helsinki at kpohjanpalo@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.