Enanta Pharmaceuticals Inc

Enanta Pharmaceuticals shares rallied 5.2% to close at $14.06 after partner AbbVie received European Commission approval for Maviret to treat acute hepatitis C virus infection in adults and children aged three years and above. Glecaprevir, one of the two direct-acting antiviral components of Maviret, was discovered by Enanta and is developed and commercialized by AbbVie, from which Enanta receives royalties on net sales. The move came on notable volume and compares to a 4.2% loss over the past four weeks. Enanta is expected to report a quarterly loss of $0.37 per share on revenues of $18.17 million.

The European Commission has approved AbbVie's MAVIRET for the treatment of acute hepatitis C virus infection, making it the only therapy cleared in the European Union for both acute and chronic HCV. The approval was supported by a Phase 3 study in which 96.2% of patients achieved sustained virological response 12 weeks post-treatment. MAVIRET combines glecaprevir, discovered by Enanta Pharmaceuticals, and pibrentasvir, and is already approved for chronic HCV. Enanta earns royalties on AbbVie's sales of the drug, which is sold as MAVYRET in the U.S. and MAVIRET elsewhere.