By Dhirendra Tripathi
Investing.com – Vertex Pharmaceuticals (NASDAQ:) stock plunged 12% in Friday’s premarket trading after the company decided not to go ahead with its attempt to develop a drug for a rare liver disorder.
The is a setback to the biotech’s attempt to broaden its offerings beyond cystic fibrosis drugs.
After reporting results from a mid-stage trial, Vertex said the treatment, VX-864, isn’t likely to substantially benefit patients. This is the second time the company has called off development of a similar compound due to safety issues.
The two attempts were aimed at developing a treatment for alpha-1 antitrypsin deficiency. It’s an inherited disease where the patient’s liver doesn’t make a protein needed to protect itself and the lungs.
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