Argenx (ARGX) has 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. The decision has put the Belgian-Dutch biotech’s shares on track for their biggest one-day fall in almost three years.
An independent data monitoring committee recommended stopping the trial after an interim analysis concluded it was unlikely to meet its primary endpoint.
The drug, sold as Vyvgart, has become one of Europe’s most successful biotech launches through its use in treating two other autoimmune diseases. Argenx sees rheumatology as a potential new growth platform for it, and Sjögren’s is primarily diagnosed and treated by rheumatologists.
Analysts had viewed the trials as a clear opportunity for Vyvgart, given Sjögren’s high unmet need and the absence of any approved treatment.
Argenx shares were down 16 per cent by midday in Europe, wiping €8.5bn ($9.5bn) from its market value. The stock was by far the biggest faller on Europe’s downbeat healthcare index, which fell 1.8 per cent.