Novartis knocked by latest canakinumab setback

Shares in Swiss pharma giant Novartis (NOVN: VX) had slumped 1% by early afternoon Monday as news sunk in of a setback surrounding canakinumab.

Novartis already markets the monoclonal antibody under the name Ilaris as a treatment for cryopyrin-associated periodic syndrome, but the company also hopes to market the therapy to prevent serious events such as stroke, heart attack or death in patients who have had a heart attack.

"The beneficial effects seen were considered modest, particularly in patients who also took statins"