Investors shun Lilly despite positive Taltz results and deal with Avidity

US pharma major Eli Lilly (NYSE: LLY) dipped 1.7% to $113.26 in premarket trading Monday, having dropped as much as 3%, after the company revealed positive results for its Taltz (ixekizumab) and a licensing and research collaboration with Avidity Biosciences.

Taltzmet the primary and all major secondary endpoints in COAST-X, a Phase III study evaluating the safety and efficacy of the drug for the treatment of non-radiographic axial spondyloarthritis (nr-axSpA) in patients who are biologic disease-modifying anti-rheumatic drug (bDMARD)-naïve. These results provide clinical evidence to support a potential role for Taltz in the treatment of nr-axSpA patients.

Taltz met the primary endpoint at both week 16 and week 52, demonstrating a statistically significant improvement in the signs and symptoms of nr-axSpA, as measured by the proportion of patients who achieved Assessment of Spondyloarthritis International Society 40 (ASAS40) response compared to placebo.