Teva Pharmaceutical (TEVA 17.80, +2.30) has jumped 14.9% in pre-market after appointing a new President and Chief Executive Officer and presenting positive data from a clinical trial.
The drugmaker announced that Kare Schultz, who previously headed Lundbeck A/S, will succeed Dr. Yitzhak Pterburg, who will serve in the interim until Mr. Schultz joins the company.
Separately, Teva announced that its trial evaluating fremanezumab for prevention of migranes has yielded positive results in Phase III studies. The treatment achieved statistically significant and clinically meaningful results for all 25 primary and secondary endpoints in monthly and quarterly dosing.
The trial achieved a significant reduction in monthly headache days of at least moderate severity during the 12-week period versus a placebo. The trial also achieved a statistically significant reduction in monthly migraine days when compared to a placebo.
An improvement in migraine-specific quality of life scores took place in monthly and quarterly dosing regimens and there was a significant reduction in the weekly number of headache days of at least moderate severity.
Shares of Teva have endured a rough 2017, having lost more than half of their value. With today's gain, the stock has narrowed its year-to-date loss to 50.9%.