Biotech Values

[DewDiligence]

VRTX – By Josh Boger’s own admission, today’s VX-950 data will not be sufficient to leave him “delighted.” Boger had hoped that VX-950 would show an SVR rate (PCR-negativity 24 weeks following the completion of 12 weeks of therapy) of 85% or more (#msg-11635070). However, with PCR-negativity of 88% after 12 weeks, it's almost mathematically impossible to hit an SVR rate of 85%.

VX-950 is still a very good drug, but it's not heaven sent. VRTX will have to conduct full-fledged phase-3 trials—including some arms with 24 weeks rather than 12 weeks of VX-950—in order to submit a credible NDA.