BioInvent International AB fell by a record and ThromboGenics NV slumped the most in more than five years after the companies halted development of a blood thinner that caused excessive bleeding in a clinical trial.
BioInvent dropped 63 percent to close at 4.76 kronor, the biggest decline ever for the Lund, Sweden-based drugmaker, which sold shares in an initial public offering in June 2001. The company has a market value of 351.9 million kronor ($48.7 million).
Hip or knee surgery patients who received the TB-402 drug had “a significantly higher incidence of bleeding events” than those on Bayer AG’s Xarelto, BioInvent and Leuven, Belgium-based ThromboGenics said in a statement today. Their experimental infusion wasn’t any better than Xarelto at blocking blood clots after the surgery.
The companies wanted to “raise the bar” for TB-402 by testing it against Xarelto, BioInvent Chief Executive Officer Svein Mathisen said in the statement.
The partners said in a separate statement today that Roche Holding AG has ended its licensing deal for a different project, TB-403, a monoclonal antibody thought to block the growth of new blood vessels in eye diseases such as age-related macular degeneration. BioInvent and ThromboGenics said they’ll keep studying the experimental drug.
ThromboGenics fell 10 percent to close at 19.50 euros, giving the company a market value of 696 million euros ($865.8 million). The drop was the biggest for the stock since Jan. 3, 2007.