Amicus Therapeutics Inc. shares fell the most ever after the company said its experimental treatment for Fabry disease failed in a clinical trial.
Amicus dropped 47 percent to $3.06 at 4 p.m. New York time, the biggest one-day drop since it began trading in 2007. Amicus, based in Cranbury, New Jersey, is developing the treatment with London-based drugmaker GlaxoSmithKline Plc. The shares have fallen 11 percent this year.
Fabry disease is a rare genetic disorder in which patients can’t break down fats that accumulate in the body’s organs. A six-month result from the 67-patient trial showed that the experimental drug didn’t perform better than a placebo, Amicus and Glaxo said today in a statement. The study, in the third and final stage of testing typically required for regulatory approval, will continue for a full year, the companies said.
No serious adverse events were reported in the clinical trial, the companies said.