Published on 19 Apr 2024 on Zacks via Yahoo Finance
Biotech Stock Roundup: REGN, SAGE, NMRA Down on Updates, ITCI Gains on Study Success
It was a busy week in the biotech sector with lots of important regulatory and pipeline updates. Among these, biotech giant Regeneron REGN was in the news on a complaint alleging fraudulent drug pricing practices related to its lead drug, Eylea. Sage Therapeutics SAGE took a beating on the failure of its Parkinson's Disease study, while Intra-Cellular Therapies, Inc ITCI surged on positive study data.
Recap of the Week’s Most Important Stories:
Lawsuit Against Regeneron: Shares of Regeneron tumbled following a complaint filed by the U.S. Department of Justice against the company, alleging fraudulent drug pricing practices related to its lead drug, Eylea. The Department filed a complaint under the False Claims Act (FCA) against Regeneron, which manufactures and sells the ophthalmology drug, Eylea. The complaint alleged that Regeneron fraudulently raised Medicare reimbursement rates for its leading drug, Eylea, by knowingly submitting false average sales price reports to the Centers for Medicare and Medicaid Services, excluding certain price concessions.