Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Technology
Vandana Singh

Why Are Evotec Shares Trading Lower On Friday?

Bayer AG (OTC:BAYRY) has discontinued the development of eliapixant and will hand back full rights to the drug to Evotec SE (NASDAQ:EVO).

  • The companies were developing the candidate for refractory chronic cough (RCC).
  • Bayer “concluded that the overall benefit no longer outweighs the risk in the actively pursued indications,” according to a release.
  • Evotec said it would wait on upcoming data before deciding what to do with eliapixant next.
  • The drug is a P2X3 inhibitor, with recent Phase 2b data showing a significant decrease in cough counts over placebo
  • Eliapixant 75 mg twice daily reduced hourly cough frequency up to 27% over placebo after 12 weeks of treatment.
  • Price Action: EVO shares are down 14.9% at $17.50 during the market session on the last check Friday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.