BUZZ-Sarepta falls on decision to discontinue its new Duchenne drug

reuters11-08
BUZZ-Sarepta falls on decision to discontinue its new Duchenne drug

Updates

** Shares of therapy maker Sarepta Therapeutics SRPT.O fall 6.7% to $119.42

** Company says it will discontinue development of its new experimental drug, SRP-5051, that was being studied to treat patients with a type of Duchenne muscular dystrophy

** Duchenne muscular dystrophy is a condition that causes skeletal and heart muscle weakness that quickly gets worse with time

** In a small number of patients, company saw persistent hypomagnesemia-a condition where the level of magnesium in the blood is below normal-despite treatment discontinuation

** Co in its conference call said it is discontinuing its entire peptide conjugated PMO drugs franchise- that were in development to treat Duchenne muscular dystrophy

** Co says the decision to stop the program was based on "information available to date, including the risk-benefit of the program, feedback from the FDA, and the evolving therapeutic landscape for Duchenne"

** Company also reports Q3 revenue of $467.2 mln, beating analysts' estimate of $409.30 mln - LSEG data

** Q3 net product revenue for Elevidys, its gene therapy for Duchenne muscular dystrophy, at $181 mln

** Up to last close, stock up ~32% YTD

(Reporting by Sriparna Roy and Sneha S K in Bengaluru)

((Sriparna.Roy@thomsonreuters.com;))

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