
Alnylam shares crater after trial deaths force investigators to scrap PhIII RNAi drug
Late Wednesday Alnylam shocked its investors with news that it has decided to scrap revusiran, its second most advanced RNAi therapy in the pipeline, due to a spike in the number of deaths among patients taking the drug in a late-stage trial. All dosing has been stopped and won’t be resumed.
Shares in Alnylam plunged 48% by late Thursday morning, wiping out close to $3 billion in market cap. Renewed fears about the fate and future of RNAi also clawed back other stocks, including rival Ionis $IONS, down 7%. The reaction dragged the Nasdaq biotech stock index down 2%.
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