Tesaro's niraparib significantly improves PFS in ovarian cancer patients
Shares of oncology-focussed US biotech Tesaro (Nasdaq: TSRO) skyrocketed 113% to $79.30 by midday on Wednesday after the company said its investigational drug niraparib slowed the growth of ovarian tumors.
The company said it plans to file approval for niraparib with both the US Food and Drug Administration and the European Medicines Agency in the fourth quarter of 2016.
Assuming the drug gets regulatory approval, analysts at Leerink have estimated that sales of niraparib could reach $323 million in 2018 and exceed $1 billion in 2021. Other analysts said the data increased the probability of niraparib being used as a first-line treatment for ovarian cancer and BRCA-related breast cancer."The data was even better than our bullish expectations," said Mizuho Securities analyst Eric Criscuolo.
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