Actelion shares fall after haemorrhage drug fails to impress in experts’ study

 
City A.M. Reporter
ACTELION’S experimental drug Clazosentan is unlikely to make it to market after it failed in a late-stage study, dealing the biotech group another blow following a setback for its key drug Tracleer.

Shares in the Swiss group closed down almost eight per cent at SwFr 40 yesterday.

“The failure of clazosentan is bad news for Actelion,” said Sarasin analyst David Kaegi.

“The study was potentially the most important catalyst for Actelion shares this year.

“According to my estimates, clazosentan had sales potential of up to SwFr1bn (£850m),” he said.

Actelion, which is trying to cut its dependence on heart and lung treatment Tracleer, said clazosentan failed to meet its primary endpoint in the Conscious-2 trial in patients with aneurysmal subarachnoid haemorrhage, a type of bleeding in the brain.

The failure in the long-awaited Phase III study means it is very unlikely that clazosentan will make it to market, although a company spokesman said all the data still needed to be evaluated and the group would provide an update with Actelion’s third-quarter results on 21 October.

Another late-stage trial is still ongoing.

“We have four drugs on the market and a growing revenue stream,” the spokesman said.