Sept. 27 (Reuters) – Biohaven Pharmaceutical Holding Co Ltd (BHVN.N) said on Monday that its drug candidate, verdiperstat, had not been shown to be effective in treating a rare neurological disorder called multisystem atrophy (MSA).
The drug maker had acquired the development and commercialization rights for AstraZeneca’s verdiperstat (AZN.L) in 2018 following mid-term clinical trials.
The company’s shares, however, reversed course after falling as low as 2.5%. They were last trading around 0.5% at $ 134, at 12:07 a.m. ET.
Wall Street analysts said expectations for the verdiperstat trial were low and the focus remained on marketing Biohaven’s oral drug, Nurtec ODT, which entered the crowded migraine drug market in March. of last year and generated approximately $ 93 million in sales in the second quarter.
“Based on the results and comments in the press release, it appears (management) will end any development of verdiperstat in this indication, which we believe makes sense,” the analyst said. Mizuho Vamil Divan in a customer note.
MSA shares many Parkinson’s-like symptoms, such as slow movements and poor balance, and can eventually lead to death, according to the Mayo Clinic.
There is currently no treatment targeting the underlying disease of MSA, the company said while explaining that the disorder affects involuntary body functions such as blood pressure and breathing.
Biohaven also said further analysis is still pending and the full study results will be presented at an upcoming scientific meeting.
Meanwhile, in an ongoing clinical trial to test verdiperstat in amyotrophic lateral sclerosis (ALS) – a neurological disorder known as Lou Gehrig’s disease – the company plans to complete patient enrollment in the fourth quarter of 2021 .
Report by Manojna Maddipatla in Bengaluru; edited by Uttaresh.V
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