AstraZeneca and California-based biotech Ionis Pharmaceuticals announce a late-stage trial failure for their gene silencing drug, Wainua.
AstraZeneca shares slumped nearly 10% on Thursday after the drugmaker said its nerve disease treatment Wainua failed to achieve the primary objective in a late-stage clinical trial for a serious heart condition, dealing a setback to one of its most closely watched pipeline assets. The stock fell about 9.5% in London trading, making it the biggest loser on the FTSE 100 index.
AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) shares fell 9.55% in early trading, wiping £19 billion from the company's valuation, after its Wainua drug failed a closely watched Phase III trial in a form of heart disease. The drop propelled the stock to the top of the FTSE 100 losers' list.
AstraZeneca stock dives 9% after heart drug trial misses target
The drug trial for a rare type of heart disease showed the treatment was generally well tolerated but it did not work than a placebo.
Sino Biopharmaceutical will receive $200 million upfront from AstraZeneca, and will be eligible for milestone payments.
Hong Kong-listed Sino Biopharmaceutical said on Wednesday it has granted AstraZeneca the rights to develop a drug designed to treat chronic respiratory diseases outside China for total payments of up to $1.9 billion.
AstraZeneca PLC (AZN) Discusses Progress in Sustainability Strategy and the Role of AI in Healthcare Innovation Transcript
AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) has been kept on a 'buy' rating by Citi, which pointed to a run of late-stage drug trial results in the second half of the year as the key driver for the shares. The Wall Street bank was previewing second-quarter results from the Anglo-Swedish pharmaceuticals group, due on 27 July.
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Astrazeneca (AZN) closed at $183.86 in the latest trading session, marking a -3.04% move from the prior day.
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