June 30 Quick Takes: Genfit hits but falls short of competitor in primary biliary cholangitis

Despite meeting the primary endpoint in the Phase III Elative study of elafinbranor to treat primary biliary cholangitis, shares of Genfit S.A. (Euronext:GNFT; NASDAQ:GNFT) fell 14% ($0.60) to $3.54 on Friday. The company and partner Ipsen Group (Euronext:IPN; Pink:IPSEY) reported that 51% of patients treated with an 80 mg dose of the PPARα/δ inhibitor achieved a cholestasis response based on alkaline phosphatase and bilirubin reductions, and showed a non-significant trend toward pruritus improvement. In April, CymaBay Therapeutics Inc. (NASDAQ:CBAY) reported that a 10 mg dose of PPARδ-selective inhibitor seladelpar led to cholestasis response in 78.2% of patients and led to a statistically significant improvement in itch in the separate Phase III Enhance study. Shares of CymaBay rose 50% ($3.11) to $10.95 on Friday after the data announcement by its potential competitors.

As part of a continuing push to prioritize what it calls “high-value” medicines and find new homes for the rest of its programs, Novartis AG (SIX:NOVN; NYSE:NVS) is selling a portfolio of therapies for front-of-eye disorders to Bausch + Lomb Corp. (NYSE:BLCO) for $1.75 billion up front. The transaction, which includes $750 million in milestones, covers Xiidra lifitegrast, a dry eye drug that generated $487 million in 2022 sales, as well as clinical TRPV1 antagonist libvatrep (SAF312) and preclinical TRPV1 antagonist OJL332. ...