Novartis drops after cholesterol drug fails in late-stage trial<\/p>\n
Shares of Novartis dropped as much as 3.6% early Monday after it said an experimental drug failed to reduce the risk of cardiovascular events in a late-stage trial compared to placebo.<\/p>\n
While the medicine, pelacarsen, reduced cholesterol levels, it didn’t translate into clinical outcomes, Novartis said after market close on Friday, without specifying the benefit. <\/p>\n
“These are not the results we hoped for, but they provide important evidence that advances scientific understanding of the relationship between Lp(a) lowering and cardiovascular outcomes and may help inform future approaches to cardiovascular risk management,” said Chief Medical Officer Shreeram Aradhye in a statement.<\/p>\n
The drug is one of several in Novartis’s pipeline as it navigates what CEO Vas Narasimhan has called the steepest patent cliff in the company’s history, with several blockbuster drugs losing patent exclusivity and facing generic competition. <\/p>\n
Consensus expected pelacarsen to be in the multi-billion-dollar range, but analysts highlighted cautious investor views ahead of the data readout. <\/p>\n
The stakes are raised for Novartis’ upcoming trials, particularly the experimental muscular dystrophy \u200bdrug \u2060del-desiran, which Novartis agreed to buy via its $12 billion acquisition<\/a> of Avidity last year.<\/p>\n U.S.-listed Ionis Pharmaceuticals<\/a>, which partners with Novartis on pelacarsen, fell 10% in extended trading while Amgen<\/a>, which is developing a similar treatment, fell about 5%.<\/p>\n – Elsa Ohlen<\/p>\n South Korea’s Kospi gains 4.6% as Asia-Pacific markets rise<\/p>\n Japan’s\u00a0Nikkei 225<\/a>\u00a0closed 2.12% higher at 66,399.84, while South Korea’s Kospi<\/a> rose 4.61% to 6,995.39. <\/p>\n Both indexes were supported by broad gains in tech stocks. Samsung and SK Hynix, which are Kospi heavyweights, rose 5.68% and 8.26%, respectively. Over in Japan, SoftBank advanced 11.22% and Advantest added 4.20%. <\/p>\n Australia’s benchmark S&P\/ASX 200<\/a> was marginally higher at 9,010.90. <\/p>\n Hong Kong’s\u00a0Hang Seng index<\/a>\u00a0was down 0.85% in the last hour of trade on Monday, while mainland China’s CSI 300 closed 0.59% higher at 4,575.02. <\/p>\n \u2014Justina Lee <\/p>\n European markets start the new trading week lower<\/p>\n Skyline view of the City of London financial district from the viewpoint in Greenwich Park in London, United Kingdom. <\/p>\n Mike Kemp | In Pictures | Getty Images<\/p>\n European markets opened the new trading week in mainly negative territory, with the pan-European Stoxx 600<\/a> benchmark down almost 0.1% shortly after 8:10 a.m. in London (3:10 a.m. E.T.)<\/p>\n Most regional sectors were in the red, while major continental bourses were mixed.<\/p>\n Oil and gas stocks led early gains, rising 1.14%, while tech names added 0.55% in early dealmaking, with utilities were up 0.53%. Healthcare stocks led losses, sliding more than 1%, as food and beverage companies fell about 0.8%.<\/p>\n The Italian FTSE MIB<\/a> rose 0.36% in Milan, while Germany’s DAX<\/a> dipped below the flatline following a positive start in Frankfurt. In Paris, the French CAC 40<\/a> moved almost 0.1% lower, while the U.K.’s FTSE 100<\/a> dropped almost 0.2% in London. <\/p>\n German borrowing costs slightly higher after regional victory for far-right AfDEuropean stocks head for lackluster open<\/p>\n European stocks are heading for a weaker open, according to IG futures data, with markets in the U.K., France, Germany and Italy all set for slight losses.<\/p>\n The regional Stoxx 600<\/a> index fell 0.81% last week to kick off September trading \u2014 historically a bad month for equities<\/a>.<\/p>\n \u2014 Jenni Reid <\/p>\n Oil prices rise as U.S. signals Iran nuclear deal may remain elusive<\/p>\n Oil prices rose Monday as renewed tensions in the Middle East stoked concerns that the conflict could drag on, threatening energy supplies.<\/p>\n International benchmark\u00a0Brent crude futures<\/a>\u00a0for November delivery was up 0.88% at $97.13 a barrel\u00a0U.S. West Texas Intermediate<\/a> crude futures\u00a0for October delivery rose 0.92% to $92.32 a barrel.<\/p>\n U.S. Energy Secretary Chris Wright<\/a> on Sunday said the U.S. might not reach a deal to constrain Iran<\/a> from obtaining a nuclear weapon, as the Washington-Tehran conflict extends into a seventh month.<\/p>\n “There may not be a nuclear agreement. It may be simply destroying their capabilities to do it,” Wright said on ABC News’ “This Week.” “An agreement may await the next administration in Iran. We simply don’t know that.”<\/p>\n Trump has repeatedly said preventing Iran from obtaining a nuclear weapon is a central objective of the U.S. campaign. <\/p>\n \u2014Lee Ying Shan<\/p>\n LG Electronics jumps 8% on subsidiary Bear Robotics reported pre-IPO, humanoid robot push <\/p>\n Shares of LG Electronics jumped more than 8% Monday, as local media outlet Hankyung<\/a> reported the company was looking at pre-IPO fundraising for its robotics subsidiary Bear Robotics.<\/p>\n LG Electronics reportedly holds a 56.9% stake in U.S.-based Bear Robotics. <\/p>\n Bear Robotics has tapped Bank of America to lead a pre-IPO funding round ahead of a planned Nasdaq listing, Hankyung reported, citing investment banking sources.<\/p>\n The company is reportedly seeking to raise up to 400 billion won ($297 million) at a valuation of around 2 trillion won. <\/p>\n Separately, an LG Electronics executive said the company was in talks with several global tech firms over potential orders for actuators, a key component in humanoid robots.<\/p>\n \u2014Jenny Lee<\/p>\n Mainland China and Hong Kong markets open mixed <\/p>\n Mainland China and Hong Kong shares were mixed, amid broad gains in other Asian markets. <\/p>\n Hong Kong’s\u00a0Hang Seng index<\/a>\u00a0was down 0.15%, while mainland China’s CSI 300 was 0.44% higher. <\/p>\n The declines in Hang Seng were led by academic and educational services and energy, down 1.13% and 0.73%, respectively. <\/p>\n \u2014Justina Lee <\/p>\n Kospi jumps over 3% as Asia-Pacific markets open higher <\/p>\n Asia-Pacific markets traded broadly higher early Monday. <\/p>\n Japan’s\u00a0Nikkei 225<\/a>\u00a0added nearly 1%, while the Topix rose 0.55%.<\/p>\n The Kospi<\/a> advanced 3.09% at open, while the small-cap Kosdaq gained 1.33%. <\/p>\n Australia’s benchmark S&P\/ASX 200<\/a> was flat.<\/p>\n \u2014Justina Lee<\/p>\n Asia-Pacific markets set to open broadly higher<\/p>\n Asia-Pacific markets were set to open broadly higher on Monday.<\/p>\n Japan’s\u00a0Nikkei 225<\/a>\u00a0was poised to rise, with the Chicago futures contract and its Osaka counterpart last trading at 66,085 and 65,830 each, compared with the index’s previous close of 65,020.94.<\/p>\n Hong Kong\u00a0Hang Seng index<\/a>\u00a0futures were at 25,667, compared with the index’s last close of 25,650.87.<\/p>\n