Royalty Pharma Says Pelacarsen Fails Phase 3 Cardiovascular Trial

Product / TechCorporate Action
โดย Insider Monkey·US·Read original
Summary · why it matters

Royalty Pharma plc disclosed that pelacarsen failed the Phase 3 Lp(a)HORIZON cardiovascular-outcomes trial run by Novartis AG, which enrolled 8,323 patients with elevated lipoprotein(a) and established cardiovascular disease. The drug lowered Lp(a) but did not meet the primary endpoint of reducing cardiovascular events versus placebo in the overall population, and complete results have not yet been presented. Royalty Pharma had provided Ionis Pharmaceuticals $500 million in January 2023, allocating $150 million to pelacarsen royalties and $350 million to Spinraza royalties, and it now expects to pay no pelacarsen milestone payments out of up to $625 million in potential regulatory and commercial milestones. The company holds 25% of Ionis's Spinraza royalties through 2027, rising to 45% in 2028 on Spinraza annual sales of up to $1.5 billion, with that interest reverting after aggregate payments reach $550 million, or 1.1 times the original funding. Management expects the structure to recover the entire investment and generate a modest positive return, and it maintained its 2030 target of at least $4.7 billion in company-defined Portfolio Receipts.

Impact on stocks 3

Biotech & Genomic Medicine▼ · 3 stocks
Royalty Pharma Plc
RPRX
± MixedCapitalrelevance

Royalty Pharma expects no pelacarsen milestone payments after the trial failure but says the Spinraza royalty structure should still recover its investment and it maintained its 2030 Portfolio Receipts target.

Ionis Pharmaceuticals Inc
IONS
▼ NegativeTechnologyrelevance

Pelacarsen, an Ionis-discovered drug, failed the Phase 3 Lp(a)HORIZON cardiovascular outcomes trial, eliminating up to $625M in milestones.

Novartis AG
NOVN
▼ NegativeTechnologyrelevance

Novartis's Phase 3 Lp(a)HORIZON trial of pelacarsen missed its primary cardiovascular endpoint despite lowering Lp(a).

Theme Impact 2

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