French biotech shares Abivax fell 32% after releasing new data on its main asset, an ulcerative colitis drug, which showed a potential risk of cancer in patients.
The drug achieved its goals by demonstrating clinically significant effectiveness and a remission rate of around 40% for the two doses tested, but it also showed that there were three cases of cancer among patients taking the higher dose.
“[The] “The cancer signal complicates things,” said a Jefferies analyst. “Even with unrelated noise, we believe the excess will be real, especially given the lack of other value-influencing data events over the next few years. [year]”.
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