Sobi shares fall 17% as Avatrombopag study fails to meet primary endpoint

STOCKHOLM (Reuters) - Rare disease drug maker Swedish Orphan Biovitrum (Sobi) SOBIV.ST said on Friday that its phase 3 study of Avatrombopag had not met its primary endpoint, sending the company's shares sharply down.

The study had been conducted to evaluate the efficacy and safety of Avatrombopag in solid tumour cancer patients withchemotherapy-induced thrombocytopenia (CIT).

Sobi added that Avatrombopag, an oral thrombopoietin receptor agonist, had increased platelet counts relative to placebo as expected.

“While we are disappointed that Avatrombopag failed to show efficacy in CIT, we are deeply grateful to the patients, investigators, and clinical site staff who contributed to the study’s completion,” Sobi said in a statement.

Sobi shares were down 17% at 1318 GMT.

The rival to Roche, Novo Nordisk and Shire is due to release its third-quarter report on Oct. 22.

Reporting by Helena Soderpalm; Editing by Simon Johnson