Vertex Pharma gains as Truist reacts to new hire from Harvard
GOCMEN/iStock via Getty Images


Vertex Pharmaceuticals (VRTX +0.7%) is trading higher for the fourth straight session after Stat News reported on Tuesday that well-known stem cell researcher, Douglas Melton, was leaving Harvard University to join the company.
Commenting on the move, Truist analyst Robyn Karnauskas argues that the hire represents a âmajor winâ for the company and indicates its commitment to the diabetes program, Bloomberg reported.

Melton was the founder of diabetes drug developer, Semma Therapeutics when Vertex (NASDAQ:VRTX) acquired it in 2019 for ~$950 million in cash.
Following the buyout, Dr. Melton continued to function as the Chief of Semmaâs Scientific Advisory Board with oversight on the companyâs R&D efforts.
The acquisition gave the cystic fibrosis drug developer a foothold on cell therapies designed to replace insulin-producing islet cells in patients with Type 1 Diabetes.
Read more on Vertexâs (VRTX) announcement on the Semma acquisition.