🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Australia’s CSL tumbles after heart attack drug trial falls through

Published 12-02-2024, 06:54 am
© Reuters
AXJO
-
CSL
-

Investing.com-- Shares of Australian pharmaceutical giant CSL Ltd (ASX:CSL) tumbled on Monday after it said that a phase 3 trial for a drug to treat second heart attacks had failed to meet its primary endpoint in efficacy.

CSL shares fell 4.5% to A$291.35, and were among the biggest weights on the broader ASX 200 index, which fell  0.1%. Shares of the pharmaceutical firm were also set for their worst day in four months.

CSL said in an announcement that a phase 3 trial for CSL112 did not meet its primary endpoint of reducing “major adverse cardiovascular events” in the 90 day, high-risk period after an initial heart attack. 

The firm said that following the study, there were no plans to pursue a regulatory filing for the drug in the near-term. CSL also said that the CSL112 trial was not expected to have “any material financial impact.” 

The study had enrolled over 18,200 patients and covered 49 countries, with CSL calling the study "the most ambitious study" in the company's history.

“Substantial work remains to fully analyse and understand the complete data and then to determine any development path ahead for this asset,” Bill Mezzanotte, Executive Vice President, Head of R&D at CSL said in a statement. 

Mezanotte added that the firm would still leverage some aspects of the AEGIS-II study for finding medical needs in other cardiovascular and metabolic conditions.

The announcement came just a day ahead of CSL’s earnings for the six months to December 31. CSL said it will provide more details on the phase 3 study during an earnings briefing on Tuesday. 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.