Shares of Sangamo Therapeutics experienced a significant surge, climbing as much as 36%, following the announcement that pharmaceutical giant Roche has discontinued its gene therapy program for hemophilia A.
This marks Sangamo stock's largest increase since October 28.
Roche's decision to halt the development of SPK-8011, a therapy initially developed by Spark Therapeutics which Roche acquired in 2019, was confirmed in communications with Endpoints News and Fierce Biotech.
According to a U.S. government website, the Phase 3 study of SPK-8011 was withdrawn based on a "strategic decision."
Sangamo Therapeutics is currently in collaboration with Pfizer (NYSE:PFE) on a competing gene therapy known as giroctocogene fitelparvovec, which targets the same condition, hemophilia A.
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