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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.
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.
