Amgen Inc (NASDAQ:AMGN) saw its shares shed 1.5% in early New York trading after the pharma group revealed new cardiovascular risks for its Evenity drug, and said that it does not expect the drug to get approved this year.
The Nasdaq-listed company said it saw the new cardiovascular safety signal in a late-stage trial for the drug, which is intended to reduce risk of fractures in patients with osteoporosis
It said the data showed Evenity having an imbalance in serious cardiovascular adverse events as compared with the current standard of care in osteoporosis, alendronate.
Sean Harper, Amgen's executive vice president of research and development, said that "the newly observed cardiovascular safety signal will have to be assessed as part of the overall benefit:risk profile for Evenity" .
Clinical trial for Evenity met its two primary endpoints
Amgen said that it would work with its partner, Belgian firm UCB SA to evaluate the data with global regulators and medical experts.
The company, however, said the clinical trial met its two primary endpoints and its key secondary endpoint.
After around three-quarters of an hour of trading, Amgen shares in New York – which have dropped 9.3% over the last three months – were 1.6% lower at US$153.90.
UCB shares in Brussels were worse off, dropping over 17% to €63.25.