Pharma Stock Updates: Pfizer Inc. (NYSE:PFE), Avanir Pharmaceuticals Inc (NASDAQ:AVNR), OncoMed Pharmaceuticals Inc (NASDAQ:OMED)

Pharmaceutical giant, Pfizer Inc. (NYSE:PFE), said it agreed to buy closely held generic drugmaker Innopharma for $225 million in upfront cash plus as much as $135 million in contingent milestone payments. Innopharma has 10 generic products approved by the U.S. Food and Drug Administration and another 19 products in its pipeline, the company said. The closing of the transaction is expected to occur during Q3.

Pfizer, which has a market capitalization of $194 billion, gained 0.1% to $30.45 in recent trading Wednesday morning, in a 52-week range of $27.76 to $32.96.

Avanir Pharmaceuticals Inc (NASDAQ:AVNR) reported its 450-patient, 12-week Phase 4 clinical trial of its Nuedexta treatment demonstrated a substantial reduction in symptoms of pseudobulbar effect, or PBA, in patients with Alzheimer’s disease. PBA is a neurologic condition characterized by sudden and uncontrolled outbursts of laughing and/or crying in patients with neurolgic disease/injury. Nuedexta is the only FDA-approved treatment for PBA.

At baseline, patients had a mean CNS-LS score of 20.2 and suffered a median of 29 PBA episodes per week. At the end of the study, mean CNS-LS improved to 12.8 and median PBA episodes dropped to five per week. In addition, 77.8% of patients or caregivers rated themselves or patients as being much or very improved, and 79.3% of clinicians rated the patients as much or very much improved.

OncoMed Pharmaceuticals Inc (NASDAQ:OMED), which is developing therapies to target cancer stem cells, said it has begun dosing patients in the Phase 2 portion of the its trial for a treatment of pancreatic cancer. The ALPINE (Antibody therapy in first-Line Pancreatic cancer Investigating anti-Notch Efficacy and safety) clinical trial studies OncoMed’s anti-Notch 2/3 cancer stem cell antibody, tarextumab.

Tarextumab is being tested in combination with Abraxane plus gemcitabine in patients with previously untreated stage IV pancreatic cancer. The ALPINE trial is being conducted at up to 30 sites in the U.S. and is expected to enroll approximately 124 patients.

It will assess the progression-free survival (PFS) of 15 mg/kg tarextumab administered every two weeks versus placebo in combination with Abraxane plus gemcitabine in all patients. AVNR edged up 0.7% to $5.51 in recent trading, in a 52-week range of $2.62 to $6.00.