Verastem and Infinity Pharma shares suffer on duvelisib licensing deal

3 November 2016

Shares in cancer drug developer Verastem (Nasdaq: VSTM) and pharma company Infinity Pharmaceuticals (Nasdaq: INFI) both dropped significantly on Wednesday after the US companies announced a $28 million licensing deal on an oncology candidate.

Verastem shares dropped by 4.72% and those of Infinity by 7.2% as the deal was announced under which Verastem licensed exclusive worldwide rights to develop and commercialize Infinity’s duvelisib, an oral inhibitor of phosphoinositide-3-kinase (PI3K)-delta and PI3K-gamma.

"This transaction has an attractive risk/reward profile given the modest financial investment prior to obtaining top-line data"

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