Epizyme Soars After $29 Million in Milestone Drug PaymentMeg Tirrell
Epizyme Inc., a developer of drugs for genetically defined cancers, soared the most since its initial public offering in May after two programs met goals that yielded $29 million in milestone payments from partners.
Epizyme jumped 76 percent to $35.99 at the close in New York, its biggest single-day increase since the shares were first sold to the public more than seven months ago. The Cambridge, Massachusetts-based company has more than doubled since the IPO.
One program partnered with Celgene Corp. 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.