BUZZ-Jazz Pharma falls after tremor drug misses main goal in study

Reuters06-20

(Updates)

** Shares of Jazz Pharmaceuticals fall about 5% to $107.2

** Its experimental drug, suvecaltamide, to treat essential tremors, a common movement disorder, did not meet the main goal in a mid-stage study

** JAZZ says "some numerical improvements" were observed on main and secondary goals of the study in patients, but these were not "statistically significant"

** Plans to further evaluate the data before determining next steps

** Rival Praxis Precision Medicine shares up 6.2% at ~$40

** Brokerage Piper Sandler said Jazz's trial miss comes in as a best case scenario for the drug developer

** Praxis plans to being late-stage trial for its ET drug candidate, ulixacaltamide, by year-end

** JAZZ is testing the drug in a separate study for treating tremors related to Parkinson's disease; data from this study is expected in early 2025

** Including session moves, JAZZ down more than 12% while PRAX up more than 75% YTD

(Reporting by Bhanvi Satija and Pratik Jain in Bengaluru)

((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))

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