Biotie Jumps Most in Seven Weeks on Drug Plans: Helsinki MoverKati Pohjanpalo
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.