Epizyme shares rocket up on news of $29M milestone awards

Shares of the newly public biotech Epizyme ($EPZM) rocketed up a whopping 66% after the company announced that a pair of high-profile partners achieved significant goals laid out in their collaborations with the biotech, triggering a total of $29 million in milestone payments. The EPZ-5676 DOT1L inhibitor clinical program hit the proof-of-concept mark, earning a $25 million payment from Celgene ($CELG). And GlaxoSmithKline ($GSK) is paying $4 million after one of the three histone methyltransferase targets in their partnership achieved a milestone. "2013 was a year of important accomplishments for Epizyme," said CEO Robert Gould in a statement. "We have achieved the proof of concept milestone for EPZ-5676, our first-in-class DOT1L inhibitor, in our Celgene collaboration, initiated an ongoing Phase 1 study of EPZ-6438, our first-in-class EZH2 inhibitor, in our Eisai collaboration, achieved a development candidate milestone in our GSK collaboration, and continue to advance our pipeline of personalized therapeutics for patients with genetically defined cancers." Release

Suggested Articles

It’s been a minute, but AstraZeneca has gotten the FDA’s all-clear to restart the U.S. study of its COVID-19 vaccine.

Combining KSQ's USP1 inhibitor with Merck and AstraZeneca's PARP inhibitor Lynparza was more effective in animal models than either drug on its own.

Solid Bio is teaming up with Ultragenyx on Duchenne muscular dystrophy in a deal worth $40 million upfront but could net it another $255 million.