(Reuters) – Nektar Therapeutics said on Thursday its experimental drug, developed in collaboration with Eli Lilly, to treat autoimmune disease systemic lupus erythematosus (SLE), had failed a mid-stage study.
The drug, rezpeg, did not meet the primary goal of a 4-point reduction on SLEDAI-2K score, a global scoring index that measures disease activity in SLE patients and ranges from 0 to 105.
Nektar said Lilly does not intend to advance the drug for a late-stage study, but they will work together to determine the next steps for the planned mid-stage of the drug in patients with skin condition, atopic dermatitis.
Shares of Nektar fell 34.5% to $1.97 after the bell.
Nektar in 2017 entered a strategic collaboration with Lilly to develop and potentially commercialize the drug to treat SLE and atopic dermatitis.
SLE is a chronic autoimmune disease, where the immune system that normally helps protect the body from infection and diseases, attacks its own tissues causing inflammation.
(Reporting by Khushi Mandowara in Bengaluru; Editing by Shinjini Ganguli)
