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Why Are Evotec Shares Trading Lower On Friday?

Author: Vandana Singh | February 04, 2022 03:44pm

Bayer AG (OTC:BAYRY) has discontinued the development of eliapixant and will hand back full rights to the drug to Evotec SE (NASDAQ:EVO).

The companies were developing the candidate for refractory chronic cough (RCC).
Bayer “concluded that the overall benefit no longer outweighs the risk in the actively pursued indications,” according to a release.
Evotec said it would wait on upcoming data before deciding what to do with eliapixant next.
The drug is a P2X3 inhibitor, with recent Phase 2b data showing a significant decrease in cough counts over placebo.
Eliapixant 75 mg twice daily reduced hourly cough frequency up to 27% over placebo after 12 weeks of treatment.
Price Action: EVO shares are down 14.9% at $17.50 during the market session on the last check Friday.

Posted In: BAYRY EVO EVOTF