Shire prunes Sanfilippo A drug after a failed PhIIb
Shire is knocking one of its rare disease drugs out of the pipeline. SHP610, once cited in Flemming Ornskov’s plan to swell revenue, is being punted after the drug failed a Phase IIb for patients with Sanfilippo A. The therapy missed the primary endpoint on improving cognition.
Shire’s shares $SHPG dropped more than 3% this morning, as analysts looked over a disappointing $386 million loss for Q3, which was worse than the market had reckoned on.
This is just the latest pruning for a company that has taken out the axe for a number of different initiatives it also acquired in the Baxalta buyout. Back in September Shire said it was handing back rights to a Humira knockoff advanced at Momenta and an Enbrel biosimilar that was being worked on at Coherus.
Just a few days ago Shire also came up with a plan to get out of a collaboration with long troubled biotech CTI BioPharma, paying $10 million to wash its hands of the Baxalta deal.
The Boston Business Journal, meanwhile, reports that Shire has also decided to shutter the venture arm acquired in its Baxalta buyout. They’ve also decided to close a facility at their Los Angeles manufacturing site.