1 00:00:02,920 --> 00:00:06,840 Speaker 1: Global business news twenty four hours a day's Bloomberg dot Com, 2 00:00:07,040 --> 00:00:09,920 Speaker 1: the Radio plus Mobile Act and on your radio. This 3 00:00:10,280 --> 00:00:14,200 Speaker 1: is a Bloomberg Business Flash from Bloomberg World Headquarters. I'm 4 00:00:14,320 --> 00:00:17,040 Speaker 1: Charlie Howett. Stocks are higher. We have got forty three 5 00:00:17,040 --> 00:00:19,120 Speaker 1: minutes to go ahead of the closing bell. Let's head 6 00:00:19,200 --> 00:00:21,960 Speaker 1: right over the first Word Breaking news desk for today's 7 00:00:22,000 --> 00:00:26,079 Speaker 1: afternoon call. And here's Bill Maloney. Good afternoon, Charlie. A 8 00:00:26,120 --> 00:00:28,240 Speaker 1: bit of a quiet day for the main US averages 9 00:00:28,280 --> 00:00:30,840 Speaker 1: with a dal crently hired by twenty two points, Sesamees 10 00:00:30,840 --> 00:00:34,840 Speaker 1: gain six and NASAC outperforms gaining thirty one. The small 11 00:00:34,840 --> 00:00:37,000 Speaker 1: cap six hundred is up a point and the US 12 00:00:37,040 --> 00:00:40,199 Speaker 1: ten yield at one point five percent. Half of the 13 00:00:40,320 --> 00:00:43,080 Speaker 1: sub sectors are trading higher, led by games and technology, 14 00:00:43,159 --> 00:00:47,000 Speaker 1: materials and the financials. Energy and consumer staples led to 15 00:00:47,040 --> 00:00:51,120 Speaker 1: the downside down Transports fall seven, as a biotex rise ten, 16 00:00:51,520 --> 00:00:54,400 Speaker 1: and the vix is down by two percent. Down leaders 17 00:00:54,400 --> 00:00:58,160 Speaker 1: included DuPont, Apple and Home Depot, while Mark and Chevron 18 00:00:58,440 --> 00:01:02,080 Speaker 1: led to the downside. Hasbro fell eight percent after earnings, 19 00:01:02,080 --> 00:01:04,240 Speaker 1: while Bank of America rose as much as four point 20 00:01:04,280 --> 00:01:07,640 Speaker 1: two after its results some of the names pointing after 21 00:01:07,640 --> 00:01:10,800 Speaker 1: the belt and I include IBM, Netflix, Yahoo, and vm ware. 22 00:01:11,240 --> 00:01:13,759 Speaker 1: Live from the first breaking news ascom Bill Maloney. Charlie, 23 00:01:14,240 --> 00:01:16,520 Speaker 1: and we thank you very much, Bill Maloney, and to 24 00:01:16,600 --> 00:01:19,880 Speaker 1: hear live breaking news over your Bloomberg type squawk squ 25 00:01:20,319 --> 00:01:23,600 Speaker 1: a w K on your terminal. I'm Charlie Pellett and 26 00:01:23,720 --> 00:01:28,199 Speaker 1: that is a Bloomberg business flash. Now on Bloomberg Radio, 27 00:01:28,360 --> 00:01:32,160 Speaker 1: we take stock of healthcare chre. We call it k 28 00:01:32,319 --> 00:01:36,200 Speaker 1: B for sure. It's a major source of healthcare expenditures. 29 00:01:36,560 --> 00:01:38,560 Speaker 1: Yes you have. Drug pricing has been at the forefront, 30 00:01:38,640 --> 00:01:40,839 Speaker 1: certainly in the political brown for the last few months. 31 00:01:40,920 --> 00:01:44,160 Speaker 1: I think we're living in a very special time in 32 00:01:44,240 --> 00:01:47,880 Speaker 1: the history of the pharmaceutical industry. Before we start any 33 00:01:47,920 --> 00:01:51,400 Speaker 1: pharmaceutical discovery, we want to understand the patient biology. For 34 00:01:51,760 --> 00:01:54,800 Speaker 1: when three percent of all biotext that start actually get 35 00:01:54,840 --> 00:01:56,920 Speaker 1: a drug of fruit, it's a very hard thing to do. 36 00:01:57,200 --> 00:02:02,200 Speaker 1: Bloomberg takings to healthcare and focus on Bloomberg Radio. Orphan 37 00:02:02,360 --> 00:02:05,640 Speaker 1: drugs in focus. What is an orphan drug? Well, according 38 00:02:05,680 --> 00:02:09,400 Speaker 1: to the Orphan Drug Act going back to nine eighty three, 39 00:02:09,520 --> 00:02:13,000 Speaker 1: and orphan drug qualifies if they are intended to treat 40 00:02:13,040 --> 00:02:16,360 Speaker 1: a disease affecting less than two hundred thousand Americans and 41 00:02:16,639 --> 00:02:19,679 Speaker 1: under the Acts, sponsors would qualify for a seven year 42 00:02:19,760 --> 00:02:24,800 Speaker 1: FDA administered orphan drug exclusivity as well as tax credits 43 00:02:24,840 --> 00:02:27,440 Speaker 1: for R and D costs, as well as grants and 44 00:02:27,800 --> 00:02:31,320 Speaker 1: protocol assistants. Here to tell us more as John Crowley, 45 00:02:31,400 --> 00:02:36,040 Speaker 1: he is the chairman and the chief executive of Amarchus Therapeutics. John, 46 00:02:36,080 --> 00:02:38,640 Speaker 1: thanks very much for being with us. Great thanks to him. 47 00:02:38,680 --> 00:02:41,720 Speaker 1: Great to be here. Tell us about Amaricus Therapeutics and 48 00:02:41,760 --> 00:02:47,440 Speaker 1: how this fits into the rare drug orphan drug marketplace. Sure, 49 00:02:47,440 --> 00:02:51,520 Speaker 1: of course, the Amarchus Therapeutics as a biotechnology company where 50 00:02:51,560 --> 00:02:55,600 Speaker 1: we focus on making medicines for rare human genetic diseases 51 00:02:56,000 --> 00:02:58,960 Speaker 1: invac you mentioned orphan disorders. Many of the disease as 52 00:02:59,000 --> 00:03:03,600 Speaker 1: we work in would really be characterized as ultra orphan diseases, 53 00:03:03,960 --> 00:03:07,360 Speaker 1: diseases that might only affect several thousand people living with 54 00:03:07,480 --> 00:03:13,120 Speaker 1: rare diseases. Tall us the personal history of Amicus Therapeutics 55 00:03:13,240 --> 00:03:17,639 Speaker 1: and what you're trying to do. Sure, so, our company's 56 00:03:17,680 --> 00:03:20,280 Speaker 1: history is a little bit different than others. I got 57 00:03:20,320 --> 00:03:23,639 Speaker 1: into the field of biotechnology late in the nineteen nineties 58 00:03:23,680 --> 00:03:27,760 Speaker 1: after our two youngest children, Megan and Patrick, were diagnosed 59 00:03:27,800 --> 00:03:31,480 Speaker 1: with one of these orphan disorders, a neuromuscular disease called 60 00:03:31,560 --> 00:03:34,920 Speaker 1: Pompey disease. And back in the time when Megan was 61 00:03:34,960 --> 00:03:38,240 Speaker 1: fifteen months old and Patrick was seven days old, we 62 00:03:38,240 --> 00:03:40,320 Speaker 1: were told that there was no research, there was nothing 63 00:03:40,360 --> 00:03:43,440 Speaker 1: that could be done, and we went from you know, 64 00:03:43,440 --> 00:03:45,440 Speaker 1: I was only a couple of years at a business 65 00:03:45,480 --> 00:03:48,160 Speaker 1: school and started a small little biotech at the time 66 00:03:48,960 --> 00:03:52,240 Speaker 1: that's now grown to become Amicus Therapeutics. We were focused 67 00:03:52,320 --> 00:03:56,040 Speaker 1: on making medicines for a range of these rare orphan diseases, 68 00:03:56,120 --> 00:04:00,520 Speaker 1: including Pompey disease now Pompey disease. As you say, the 69 00:04:00,560 --> 00:04:04,680 Speaker 1: treatment is in early trials, give us an update. Sure, 70 00:04:04,800 --> 00:04:06,960 Speaker 1: so there is an approved drug. One of the first 71 00:04:07,000 --> 00:04:09,760 Speaker 1: drugs we worked on years ago that was brought to 72 00:04:09,800 --> 00:04:12,160 Speaker 1: market by gen Zime that was approved in two thousands 73 00:04:12,200 --> 00:04:14,240 Speaker 1: and six, and our kids have been on that drug 74 00:04:14,800 --> 00:04:17,800 Speaker 1: as a first generation therapy for a number of years now. 75 00:04:17,839 --> 00:04:21,160 Speaker 1: But what we will focused on at Amicus is making 76 00:04:21,960 --> 00:04:26,400 Speaker 1: um novel biologics where they're differentiated ways in making these 77 00:04:26,400 --> 00:04:29,520 Speaker 1: medicines where they have the potential to offer other benefits 78 00:04:29,520 --> 00:04:33,200 Speaker 1: for people living with diseases like Pompey. So for our 79 00:04:33,279 --> 00:04:36,239 Speaker 1: pump pay drug, it's at a very exciting stage. After 80 00:04:36,279 --> 00:04:39,320 Speaker 1: a decade of research and development, it's now just beginning 81 00:04:39,360 --> 00:04:42,599 Speaker 1: its trials in patients and by the end of this 82 00:04:42,720 --> 00:04:44,560 Speaker 1: year we'll get the first look at that data and 83 00:04:44,560 --> 00:04:47,400 Speaker 1: it's something we're very excited about. And it follows on 84 00:04:47,480 --> 00:04:50,920 Speaker 1: the heels of research we've done in another rare orphan 85 00:04:51,000 --> 00:04:55,159 Speaker 1: disease called fabry disease, where we actually were successful now 86 00:04:55,200 --> 00:04:57,920 Speaker 1: in Europe and have that drug approved and are now 87 00:04:58,000 --> 00:05:00,839 Speaker 1: just commercializing it in Europe. So it fits in with 88 00:05:00,880 --> 00:05:03,719 Speaker 1: our bigger vision of we want to build one of 89 00:05:03,720 --> 00:05:08,280 Speaker 1: the world's largest biotechnology companies focused on the rare and 90 00:05:08,520 --> 00:05:12,680 Speaker 1: orphan diseases. And although anchored in our family's journey, that's 91 00:05:12,720 --> 00:05:16,440 Speaker 1: only one important part of the overall picture of what's 92 00:05:16,480 --> 00:05:19,839 Speaker 1: now becoming Amicusts. Tell us about a piece that you've 93 00:05:19,880 --> 00:05:22,960 Speaker 1: added to the picture in terms of an acquisition and 94 00:05:23,000 --> 00:05:27,240 Speaker 1: how that fills out your strategy. Yeah, we've done several acquisitions. 95 00:05:27,279 --> 00:05:30,400 Speaker 1: You know, We've got great research and development, very steeped 96 00:05:30,400 --> 00:05:33,960 Speaker 1: and excellent science at Amaricus. But where something fits in 97 00:05:34,000 --> 00:05:38,839 Speaker 1: with our mission of addressing the devastating diseases, where technologies 98 00:05:38,880 --> 00:05:41,839 Speaker 1: can make a meaningful difference, we will acquire companies. We 99 00:05:41,960 --> 00:05:46,200 Speaker 1: just recently acquired a small company called Miamed working in 100 00:05:46,240 --> 00:05:49,200 Speaker 1: one of these devastating, rare diseases, a disease so new 101 00:05:49,240 --> 00:05:51,560 Speaker 1: it doesn't even have a name. It's only known by 102 00:05:51,600 --> 00:05:55,560 Speaker 1: its genetic mutation c d k L five. Started by 103 00:05:55,560 --> 00:05:58,560 Speaker 1: a family here in New York who had a daughter 104 00:05:58,680 --> 00:06:01,440 Speaker 1: Mia with the disease in me is now six years old, 105 00:06:01,440 --> 00:06:04,760 Speaker 1: and a dad who went out found scientists, raise money, 106 00:06:04,839 --> 00:06:09,640 Speaker 1: started a small company very familiar for me, and we 107 00:06:10,040 --> 00:06:12,600 Speaker 1: met each other and started to talk about how what 108 00:06:12,640 --> 00:06:15,279 Speaker 1: we at Amicists could do to advance the science. So 109 00:06:15,760 --> 00:06:18,800 Speaker 1: first and foremost it has to be excellent science, and 110 00:06:18,800 --> 00:06:20,640 Speaker 1: we think that's what we have here. It's an early 111 00:06:20,680 --> 00:06:23,479 Speaker 1: program that when we're excited about that, we think we 112 00:06:23,520 --> 00:06:26,080 Speaker 1: can also make a difference for people living with that 113 00:06:26,080 --> 00:06:30,200 Speaker 1: that devastating disorder as well. Can you commented all about 114 00:06:30,279 --> 00:06:33,240 Speaker 1: the stock of Amicus Therapeutics. It's got to be a 115 00:06:33,240 --> 00:06:37,440 Speaker 1: little bit painful because the stock is down about so 116 00:06:37,520 --> 00:06:42,280 Speaker 1: far this year. Is that something that concerns you. Well, 117 00:06:42,279 --> 00:06:45,839 Speaker 1: you know, we're we're in line with our peers in biotechnology. 118 00:06:45,960 --> 00:06:48,120 Speaker 1: That's still not good enough. I think that we should 119 00:06:48,160 --> 00:06:51,440 Speaker 1: separate from our peers. I think we have a tremendous 120 00:06:51,480 --> 00:06:55,440 Speaker 1: pipeline and portfolio. Over the last two years we've significantly 121 00:06:55,480 --> 00:06:59,000 Speaker 1: increased the value of Amicus. Has been a tough year 122 00:06:59,040 --> 00:07:02,320 Speaker 1: in biotech, but I think with the programs that we 123 00:07:02,400 --> 00:07:05,599 Speaker 1: have now, having just a month ago an approved drug 124 00:07:06,320 --> 00:07:09,320 Speaker 1: for a rare disease puts Us in a very special 125 00:07:09,320 --> 00:07:13,040 Speaker 1: place within biotechnology, being one of those unique companies that 126 00:07:13,120 --> 00:07:15,320 Speaker 1: has a now marketed product that it took through its 127 00:07:15,320 --> 00:07:18,960 Speaker 1: own pipeline. So the goal would be to take our science, 128 00:07:19,040 --> 00:07:23,000 Speaker 1: art technology, our drugs and are really really intense patient 129 00:07:23,160 --> 00:07:27,440 Speaker 1: focus and continue to increase the stock Brice and the 130 00:07:27,520 --> 00:07:29,920 Speaker 1: value of the company. And I really believe if we 131 00:07:30,120 --> 00:07:34,320 Speaker 1: make great medicines that will translate into tremendous your older value. 132 00:07:34,760 --> 00:07:37,600 Speaker 1: John Crowley is the chairman and the chief executive of 133 00:07:37,720 --> 00:07:47,280 Speaker 1: Amicus Therapeutics. This is Bloomberg. Bloomberg Taking Stock is brought 134 00:07:47,360 --> 00:07:49,480 Speaker 1: to by New York Community Bank. Ask about their my 135 00:07:49,560 --> 00:07:52,600 Speaker 1: community interest checking with free New York Community Bank online 136 00:07:52,600 --> 00:07:56,600 Speaker 1: and mobile banking, earn more, get more. Visit my NYCB 137 00:07:56,760 --> 00:07:58,120 Speaker 1: dot com for details.