Leerink raised its price target for Vertex to $158 after the FDA approved Orkambi to treat cystic fibrosis patients 12 years and older who are homozygous for the F508del CFTR mutation. The firm views the $259,000 annual pricing as in line with consensus expectations after assuming a larger gross to net discount as compared to Kalydeco. Leerink keeps an Outperform rating on the stock.

Vertex Pharmaceuticals and TreeFrog Therapeutics announced that Vertex has obtained an exclusive license to TreeFrog's proprietary cell manufacturing technology, C-Stem, to optimize production of Vertex's cell therapies for type 1 diabetes, or T1D. TreeFrog and Vertex will collaborate to scale-up TreeFrog's process to produce and amplify cells for Vertex's T1D therapies. TreeFrog's proprietary technology platform, C-Stem, is designed to mimic the natural microenvironment, allowing cells to grow exponentially in 3D. The technology will enhance Vertex's ability to generate large amounts of fully differentiated cells for its portfolio of T1D cell therapies.