Prognosis
Genfit Plunges After Liver Medicine Falls Short in Study
- Elafibranor misses main goal and key secondary target in study
- French company has been racing other drugmakers to new therapy
Photographer: Tomohiro Ohsumi/Bloomberg
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French biotech Genfit plunged after falling short in the race to develop a drug for a disease lurking undetected in tens of millions of people struggling with obesity and diabetes.
Preliminary data reported on Monday pointed to a failure of Genfit’s elafibranor drug in a crucial late-stage trial. The stock fell as much as 75% in Paris trading, reaching its lowest level in almost seven years and giving the company a market value of 246 million euros ($266 million).