Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • Resources
    • Voices
  • Advertise
  • SUBSCRIBE

Rigel Slumps on Rheumatoid Arthritis Drug Results

By Pharmaceutical Processing | April 5, 2013

Shares of Rigel Therapeutics Inc. lost more than a third of their value Friday on mixed results from a late-stage clinical trial of a rheumatoid arthritis drug the company helped develop.

Rigel’s partner AstraZeneca PLC said Friday that fostamatinib met one of its two goals in the study: patients who took the experimental drug and methotrexate, a standard treatment for rheumatoid arthritis, had a bigger improvement in symptoms like joint swelling and tenderness than patients who took methotrexate and a placebo. However, the drug did not meet a second goal related to bone erosion and reductions in joint space.

Rigel doesn’t have any approved products, and fostamatinib is its most advanced experimental drug. The company licensed fostamatinib to AstraZeneca in 2010 in a deal that could be worth more than $1 billion if the drug is approved and meets sales targets.

Citi Investment Research analyst Yaron Werber said fostamatinib doesn’t compare favorably to existing rheumatoid arthritis drugs or to others in clinical development.

Rigel stock lost $2.56, or 34 percent, to $4.97. Earlier the stock fell to $4.71, its lowest price in almost four years.

The late-stage trial included 923 patients who had not been helped by previous treatment with methotrexate. The results are based on 24 weeks of treatment. AstraZeneca said it expects to report results from two other studies of fostamatinib during the second quarter.

Rigel Pharmaceuticals is based in South San Francisco, Calif. AstraZeneca, which is based in London, is one of the world’s largest drug companies. The British company licensed fostamatinib from Rigel in February 2010, paying $100 million upfront.

Werber said fostamatinib doesn’t seem to be as effective as biotech treatments like AbbVie Inc.’s Humira and other potential rheumatoid arthritis drugs.

“The outlook for fostamatinib is becoming more challenging given these results and the fact that the arthritis market will be getting very competitive with several oral and biologic drugs in development,” he wrote.

U.S.-listed shares of AstraZeneca rose 26 cents to $50.39 in morning trading.

Related Articles Read More >

Driving success in fast-paced high-tech pharma construction projects
This is a photo of the Fujifilm Diosynth Biotechnologies plant under construction in Holly Springs, North Carolina.
Fujifilm, Regeneron ink $3B U.S. manufacturing agreement
This is the logo of Johnson & Johnson.
J&J breaks ground on $2B manufacturing facility in North Carolina
sherwin-williams-pharma-facility (1)
Sherwin-Williams expands flooring solutions for pharma facilities
“ppw
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest news, technologies, and developments in Pharmaceutical Processing.

DeviceTalks Tuesdays

DeviceTalks Tuesdays

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Pharmaceutical Processing World
  • Subscribe to our E-Newsletter
  • Contact Us
  • About Us
  • R&D World
  • Drug Delivery Business News
  • Drug Discovery & Development
  • DeviceTalks
  • MassDevice
  • Medical Design & Outsourcing
  • MEDICAL TUBING + EXTRUSION
  • Medical Design Sourcing
  • Medtech100 Index
  • R&D 100 Awards

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • Resources
    • Voices
  • Advertise
  • SUBSCRIBE