Novartis’s failed trial for cholesterol drug leads to broad biopharma stock selloff
Along with several other drugmakers, Novartis has bet that lowering Lp(a) will cut the risk of sometimes fatal cardiovascular events.
Novartis announced on Tuesday that its experimental drug for a muscle-wasting disorder failed a late-stage study, marking the second major setback in a short period. The drug, del-desiran, acquired through Novartis's $12 billion acquisition of Avidity, experienced this failure while being tested in myotonic dystrophy, a condition without approved treatments.
Analysts and shareholders expressed concern over the impact of this setback on Novartis's pipeline and CEO Vas Narasimhan's M&A strategy. The news led to a significant 9% drop in Novartis's shares, signaling one of its worst trading days. This recent failure adds pressure on Novartis to secure other drugs in development and uphold its full-year growth expectations.
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- Novartis sinks after second disastrous trial failure, this time of Avidity-acquired drug endpoints.news
- STAT+: Neuromuscular drug from Novartis fails in key study, adding to pressure on company statnews.com
- Novartis’s failed trial for cholesterol drug leads to broad biopharma stock selloff marketwatch.com
- Pharma major Novartis falls nearly 10%, heading for worst day on record after three drug trial setbacks cnbc.com
- Novartis extends selloff as Deutsche Bank cuts on twin drug trial setbacks seekingalpha.com
- Novartis twin drug setbacks pile pressure on pipeline and CEO finance.yahoo.com
