Shares of Theravance (Nasdaq: THRX) closed down over 14% overnight on the Nasdaq stock exchange after the company said its inhaled medicine Breo (fluticasone/ vilanterol) failed to extend life of patients with chronic respiratory disease in a clinical trial involving 16, 485 people.
UK pharma major GlaxoSmithKline (LSE: GSK) in a joint statement with its US partner, Theravance, said while the drug reduced the risk mortality by 12.2% versus the placebo, it wasn’t a significant difference.
The drug was unable to demonstrate a statistically significant survival benefit in this population, said Michael Aguiar, chief executive of Theravance.
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