Arvinas slides after Sanofi scraps breast cancer drug

Olema Pharmaceuticals

17/08/2022 16:33

** Shares of Arvinas Inc  ARVN.O  fall 14.1% to $45.10, its
biggest one-day pct slump in more than 3 months 
    ** Sanofi  SASY.PA  stopped further work on its experimental
breast cancer drug amcenestrant, which belongs to a class of
drugs known as selective oestrogen receptor degraders (SERD)
 urn:newsml:reuters.com:*:nL8N2ZT106
    ** ARVN is developing a similar drug, ARV-471, for some
breast cancer patients
    ** Shares of Olema Pharma  OLMA.O , which is also developing
a SERD treatment, down 5.6% at $4.03
    ** Jefferies says Sanofi's SERD discontinuation supports
mixed view of the drug class
    ** Including session fall, ARVN shares are down ~45% YTD 

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15;))