Epizyme Soars After $29 Million in Milestone Drug Payment
Epizyme Inc. (EPZM), a developer of drugs for genetically defined cancers, soared the most since its initial public offering after two programs met goals that yielded $29 million in milestone payments from partners.
Epizyme jumped 61 percent to $33.07 at 10:12 a.m. New York time, after reaching $34.63 for its biggest intraday increase since the shares were first sold to the public in May. The Cambridge, Massachusetts-based company gained 37 percent since the IPO through yesterday.
One program partnered with Celgene Corp. (CELG) met a proof-of-concept goal after patients with a particular genetic aberration responded to the drug, EPZ-5676, earning a $25 million payment, Epizyme said yesterday in a statement. Another program partnered with GlaxoSmithKline Plc met a development milestone for a $4 million payment.
Epizyme said it ended 2013 with about $145 million in cash and account receivables, including the milestone payments, compared with its projections for more than $115 million.
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