Overview
- Del‑desiran, an Avidity‑acquired therapy for myotonic dystrophy type 1, failed its Phase III HARBOR primary endpoint of video hand opening time and showed no meaningful improvement versus placebo.
- Novartis shares plunged in the immediate trading after the result, with a one‑day drop of about 11% that erased roughly $30 billion of market value.
- Large shareholders have increased scrutiny of Novartis's acquisition strategy, with some, including Artisan Partners, calling for stronger board oversight of M&A decisions.
- Novartis says it will review the full del‑desiran dataset and discuss findings with regulators, has reaffirmed its 5%–6% annual sales‑growth target through 2030, and an anonymous source says there are no current plans to change M&A approach.
- The company now places heightened weight on remibrutinib data due in October and on other late‑stage programs to offset lost potential from the $12 billion Avidity deal and pressure from looming patent expiries that threaten future revenue.