Novartis halted development of an experimental drug it hoped would treat amyotrophic lateral sclerosis, or Lou Gehrig’s disease, the latest in a long history of failed efforts to find a cure for the deadly condition.
Novartis shareholder Artisan Partners said the Swiss drugmaker needs to shake up its board and improve its dealmaking after its shares plunged following three major clinical trial setbacks, Reuters reported.
Novartis shares tanked 10% on Tuesday after the pharmaceutical giant said its del-desiran drug for muscle-wasting disorder failed in a late-stage trial, its third drug trial setback in a week.
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