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Biotech / Medical : Incyte (INCY)

INCY 106.00

+0.8%

Nov 7 9:30 AM EST

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To: Biotech Jim who wrote (3019)	8/8/2014 1:21:53 PM
From: nigel bates	of 3202

BRUSSELS, Aug 8 (Reuters) - Belgian biotech group Galapagos said its partner GlaxoSmithKline had stopped a joint drug development project over concerns about adverse effects, sending its shares to a two-year low. Galapagos, which is developing several new drugs with large pharmaceutical firms, said Britain's GSK had decided to end work on its drug GSK2586184 for treatment of ulcerative colitis and psoriasis after tests showed it did not combine well with certain cholesterol drugs. The Belgian firm said on Friday it could not comment on GSK's study because it had not seen the full results of the test. GSK said it was considering how to proceed with the project. The end to this project prompted investors to worry about similar drugs, so-called JAK1 inhibitors, in the company's development portfolio such as its most-developed drug GLPG0634. GLPG0634 is set to become a treatment for rheumatoid arthritis which Galapagos researches jointly with U.S. group AbbVie . "I think investors are now worried about the company's main product which is a large part of its valuation," KBC Securities analyst Jan De Kerpel said. Galapagos said it had carried out tests in the lab with GLPG0634 and had not found adverse effects related to drug interactions. Its shares fell as much as 11 percent to their lowest level since the third quarter of 2012, making them the worst performer on Euronext Brussels on Friday...

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