(AOF) – Pharnext, an advanced clinical-stage biopharmaceutical company developing new therapies for neurodegenerative diseases with no satisfactory therapeutic solution, today announces the completion of the consolidation of its shares, as decided by its Board of Directors on September 26 2022, at the rate of 1 new share with a nominal value of 1 euro against 5,000 old shares with a nominal value of 0.0002 euro, as authorized by the General Meeting of shareholders of June 17, 2022 at the terms of its eighth resolution.
This grouping allows the Company to reduce the volatility of the Pharnext share price and promote its stabilization.
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An inevitable race for new blockbusters
The patent for Merck’s star product, the cancer drug Keytruda, which accounts for more than 35% of its sales, expires in 2028. Despite the loss, since 2019, of the patents for its three star products (Avastin, Herceptine, Rituxan) Roche was able to renew its portfolio by bringing new molecules to market. However, the discovery and launch of new drugs are increasingly expensive. AstraZeneca spends about $6 billion a year on R&D in a pharmaceutical industry where the life of a patent only lasts ten to fifteen years. This leads laboratories to withdraw from certain activities. Thus J&J, Pfizer, GSK and, no doubt, Novartis soon prefer to refocus on specialty drugs and abandon any ancillary activity.