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

89bio

10/10/2023 15:47

(Updates)
    ** Shares of drug developer 89bio Inc  ETNB.O  fall 38% to
hit near 10-month low of $9.62   
    ** 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 
    ** Efruxifermin and pegozafermin belong to the same class of
drugs that mimics a hormone that regulates lipid, glucose, and
energy metabolism, in turn reducing collagen levels found in
liver scars     
    ** However, shares of another rival drugmaker Madrigal
Pharmaceuticals  MDGL.O  rise 2.7% to $143.8 as co leads race
for NASH treatments after trial success 
    ** Including session moves, ETNB up ~23.5%, MDGL down ~51.4%
YTD  

    

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