The sun set on shares in Horizon Pharma PLC (NASDAQ:HZNP) this morning as its treatment for nerve cell disease Friedrich’s Ataxia flopped.
The company lost almost a fifth of its value after it said the phase 3 trial of its ACTIMMUNE candidate did not meet its primary endpoint of a statistically significant difference to the outcomes of those test patients taking the placebo.
In addition, the secondary endpoints did not meet statistical significance.
No new safety findings were identified on initial review of data other than those already noted in the ACTIMMUNE prescribing information for approved indications. The company has discontinued the development program.
“While the results were not what we hoped for, this is the very reason why research and development is important – to find answers that may help inform future research,” said Timothy Walbert, chairman, president and chief executive officer of Horizon.
The company said today’s announcement concerning a development drug would have no impact on this year’s results, and that it believed it remained well-positioned for growth in 2017 and beyond, based on its existing portfolio of medicines.