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Novartis stock falls 9 percent
Novartis Swiss company's shares closed significantly lower by 9%, marking their worst daily performance since March 2020. This decline came after the failure of its experimental drug, "Dile-Disiran," intended to treat muscle degeneration, to meet its targets during the third phase of clinical trials. The setback resulted in an estimated loss of around $5 billion in sales projections, especially since the drug was a key component in the company's $12 billion acquisition deal for Avidity Biosciences. This failure follows the collapse of two other company drugs, placing the growth and market expansion strategy under intense pressure and raising doubts about the company's ability to offset the impact of patent expirations and future research challenges.
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