Osiris Therapeutics Inc. rose the most in eight months after European regulators transferred the orphan drug title for a stem cell therapy to the company, making it easier to seek a buyer or partner for the treatment. Osiris gained 9 percent to $7.65 at the close in New York, its biggest intraday jump since June. The European Medicines Agency made the title transfer for the intravenous treatment Prochymal, which treats a disease that attacks bone marrow- transplant recipients, Columbia, Maryland-based Osiris said in a statement today. The orphan designation provides 10 years of market exclusivity if the medicine is approved, and the simplifying of who holds the title clears the way for a transaction should Osiris opt to sell Prochymal to another company, said Edward Tenthoff, a senior analyst with Piper Jaffray & Co. in New York. Theyve started to get approvals for Prochymal, said Tenthoff, who has a neutral rating on the stock. Theres a way for them to monetize that. Tenthoff said Osiriss former partner, Sanofis Genzyme unit, probably held Prochymals orphan drug title before. Osiris didnt name the previous title holder in its statement. Osiris had declined 22 percent this year through Feb. 15. An orphan drug … Continue reading
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