Ultragenyx and Mereo shares plunge as brittle bone drug trial stays on course
Shares in US biotech Ultragenyx Pharmaceutical (Nasdaq: RARE) and its UK-based partner Mereo BioPharma (Nasdaq: MREO) tumbled after the companies confirmed their pivotal trial in osteogenesis imperfecta (OI) would not be stopped early, defying investor hopes for a quicker path to approval.
The Phase III Orbit study, testing the experimental therapy setrusumab (UX143), will continue to its final analysis at year-end. The study’s independent data monitoring committee said the anti-sclerostin antibody has an “acceptable safety profile” but recommended no changes to the trial timeline.
Ultragenyx’s stock closed down a quarter, while Mereo plunged over 40% in response.
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