Sage shares decline on plans to scrap development of tremor drug

Sage Therapeutics

24/07/2024 15:15

(Updates)
    ** Shares of Sage Therapeutics  SAGE.O  fall ~17.5% to
$10.79, its biggest one day loss pct since April
    ** Co, partner Biogen's  BIIB.O  oral experimental drug,
SAGE-324, to treat essential tremors failed in a mid-stage study
    ** Co, BIIB do not plan to develop the drug further but may
consider it for other potential conditions 
    ** Essential tremor is a condition that affects the nervous
system and causes involuntary and rhythmic shaking
    ** Treatment with SAGE-BIIB's drug did not result in
statistically significant changes in tremor severity for upper
limbs as measured on a commonly used rating scale 
    ** Mizuho analysts said that the trial failure could weaken
SAGE and BIIB's collaboration 
    ** Including session's move, SAGE down ~51.6% YTD   

 (Reporting by Bhanvi Satija and Christy Santhosh in Bengaluru;
Editing by Shailesh Kuber)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))