NASH drug developers Akero, 89Bio slump on rival's success

McEwen

19/12/2022 15:12

** Shares of Akero Therapeutics Inc  AKRO.O  and 89Bio Inc
 ETNB.O , both developers of treatment for fatty-liver disease,
fall after rival's drug showed success
    ** Madrigal Pharmaceuticals Inc's  MDGL.O  experimental drug
Resmetirom met main goals in late-stage study
    ** Akero slumps ~15% to $39.90, while 89Bio shares fall ~28%
to $7.60
    ** Shares of Intercept Pharmaceutical Inc  ICPT.O  down 6.4%
at $14.40, and Altimmune Inc  ALT.O  down 5.8% at $10.80
    ** The positive data sets the stage for MDGL's drug to
become the first approved treatment for non-alcoholic
steatohepatitis (NASH), a disease that affects about 5% of
adults in the U.S.
    ** NASH is a serious progressive liver disease, that is one
of the fastest-growing causes of liver transplant with no
FDA-approved treatments
    ** Including session's fall, ETNB down 42%, ICPT stock down
~10%, while ARKO up 88.7% and ALT up ~18% in 2022
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com))