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BridgeBio Plunges After Acoramidis Study Fails to Meet Primary Endpoint

Investing.com
·1-min read

By Sam Boughedda

Investing.com — Biopharmaceutical company BridgeBio Pharma Inc (NASDAQ:BBIO) told investors Monday that its Phase 3 Study investigating acoramidis for treating rare heart disease symptomatic transthyretin (TTR) amyloid cardiomyopathy (ATTR-CM) did not meet its primary endpoint at month 12.

BridgeBio shares plunged over 71% on the news.

BridgeBio said the decline observed in both arms of the ATTRibute-CM study was similar to the expected functional decline in healthy elderly adults. They were also "substantially less" than the declines observed in previous untreated arms reviewed.

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The placebo group's decline was over 70% lower than the decline seen in the ATTR-ACT treatment group.

The company's Founder and CEO Neil Kumar revealed he is baffled by the results: "This result is disappointing and baffling. I am, along with many others, searching for answers regarding the 6MWD."

He later added: "The drug seems to be doing what we are asking of it. If we observe enough clinical outcome events at Month 30, I am still hopeful that we will demonstrate the benefit of acoramidis treatment."

Reacting to the news, Stifel analyst Paul Matteis said it was positive for Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) as it suggests "acromadis is probably less effective than Pfizer's tafamidis." Matteis believes it "sets the stage" for Alnylam's Onpattro/Vutrisiran to "be best-in-class in TTR cardiomyopathy."

Regardless, Alnylam's shares are down around 14% at the time of writing.

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