BioInvent, ThromboGenics Fall as Anticoagulent Is Dropped

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.

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