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Novartis Faces Third Setback This Week
Novartis suffered successive losses after its experimental drug, Dile-Disiran, failed to meet its targeted outcomes in the final clinical trial stages for muscular atrophy treatment. This was the main drug upon which a $12 billion acquisition deal of Avidity Biosciences was based. The failure caused a sharp decline in the company's stock price, dropping nearly 10% at the start of trading on the Zurich Stock Exchange. This reduction diminished its annual gains to just about 4%, causing it to lag behind its competitor, Roche Holdings. Additionally, ongoing setbacks led to the suspension of trials for a cellular drug aimed at treating immune diseases after three patients died, and the drug Belacarsen failed to achieve favorable results in clinical trials.
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