Look back at pharma news to July 8

By Barbara Obstoj-Cardwell. Editor

More than $1 billion was wiped from the market value of biotech groups racing to develop a revolutionary cancer treatment, after one of the companies, Juno Therapeutics, revealed that three young patients had died after receiving its experimental therapy on a clinical trial, reported the UK’s Financial Times.

The US Food and Drug Administration had ordered Juno to suspend the trial of the drug, codenamed JCAR015, after two patients died last week. A third patient died in May, but the company continued the study following discussions with the FDA. Shares in Juno fell almost 32% in New York, wiping about $1.4 billion from the company’s market value, which fell to $3 billion. Shares in Kite Pharma, a rival group, fell almost 7% on fears the FDA could take a broader look at the safety of Car-T and potentially suspend other studies, while Bluebird Bio dipped early before recovering to close flat at $48.75, the FT noted.