89bio falls as rival Akero's NASH drug fails in mid-stage study

89bio

10/10/2023 13:04

** Shares of drug developer 89bio Inc  ETNB.O  fall 32% to
$10.55 premarket  
    ** Rival Akero Therapeutics  AKRO.O  says a mid-stage trial
for its drug to treat a type of fatty liver disease showed
improvement in patients, but the results were not statistically
significant
    ** AKRO is testing its lead drug candidate, efruxifermin, in
some patients with non-alcoholic steatohepatitis (NASH)
    ** ETNB is also developing its lead drug, pegozafermin, in
NASH patients and was granted U.S. FDA's "breakthrough therapy"
status last month     
    ** However, shares of another rival drugmaker Madrigal
Pharmaceuticals  MDGL.O  rise 4.3% to $146 premarket as co leads
race for NASH treatments after trial success 
    ** MDGL's drug, resmetirom, has been seen as a promising
candidate for the treatment of NASH since its late-stage study
in December helped reduce liver scarring or fibrosis in patients
   
    ** Up to last close, ETNB up ~22%, MDGL down ~52% YTD  

    

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))