Novartis Shares Rise After Trial Data Supports New Filing for Cancer Drug

By Adria Calatayud

Novartis shares traded higher after the company said data from a late-stage trial in prostate cancer therapy Pluvicto support its plan to file for a label expansion in the second half.

At 1509 GMT on Thursday, shares in Novartis were up 3.1% at CHF88.50, having traded down slightly before the announcement, and were up 4.3% since the start of 2024.

The Swiss pharmaceutical giant confirmed its plans to file in the second half of 2024 for a label expansion of Pluvicto for treatment of patients with advanced prostate cancer before they receive chemotherapy based on a class of drugs known as taxane. Last year, the company delayed the regulatory submission for the label expansion.

Pluvicto is a radiotherapy that combines a cell-targeting compound with a therapeutic radioactive particle. It was Novartis's fastest-growing drug in 2023, with sales more than tripling to $980 million.

Novartis said updated results from a phase 3 trial showed a hazard ratio--a measure often used in cancer studies to compare survival rates in two groups of patients--of less than 1.0.

Pluvicto's safety profile was consistent with previous interim analyses published in 2023 after an additional eight months of data, as were radiographic progression free survival and other secondary efficacy goals, the company said.

Full results from the trial will be presented at an upcoming medical congress, Novartis said.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

April 04, 2024 11:34 ET (15:34 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.