Oct 8 (Reuters) – Argenx said on Thursday it had discontinued a late-stage study of its efgartigimod drug in adults with Sjögren’s disease, an autoimmune condition that damages the glands producing tears and saliva, putting its shares on track for their biggest one-day fall in almost three years.
The drug, commercialized under Vyvgart, has become one of Europe’s most successful biotech launches through its use in treatment of two other autoimmune diseases, and Argenx sees rheumatology as a potential new growth platform for it. Sjögren’s is primarily diagnosed and treated by rheumatologists.
• An independent data monitoring committee recommended stopping the study after an interim analysis concluded the study was unlikely to meet its primary endpoint
• Sjögren’s has a high unmet need and no approved treatment, so analysts had seen the trials as a clear opportunity for Vyvgart
• The shares were down 16% by 1109 GMT, wiping off €8.5 billion ($9.5 billion) from Argenx’s market value
• The stock is by far the biggest faller on Europe’s downbeat healthcare index, which fell 1.8%
($1 = 0.8942 euros)
(Reporting by Lucie Barbier and Margaux Perrin in Gdansk, editing by Milla Nissi-Prussak)
