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Sanofi SA (NASDAQ: SNY) announced Tuesday that its rheumatoid arthritis drug Kevzara, developed in partnership with Regeneron Pharmaceuticals Inc. (NASDAQ: REGN), isn't effective against COVID-19.
What Happened: The global Phase 3 trial involving the administration of the drug to severely- or critically-ill hospitalized patients didn't meet its “primary endpoint,” the drugmaker said in a statement.
No statistically significant shortening of hospitalization was observed in the 420 people trial conducted in multiple countries outside the United States, according to the French drugmaker.
“Although this trial did not yield the results we hoped for, we are proud of the work that was achieved by the team to further our understanding of the potential use of Kevzara for the treatment of COVID-19,” Sanofi Global Head of Research John Reed said.
Why It Matters: Sanofi is separately working on a coronavirus vaccine jointly with GlaxoSmithKline plc (NYSE: GSK) and reached an agreement in July with the United Kingdom to supply 60 million doses.
The Paris-headquartered drugmaker is also in partnership with Translate Bio, Inc (NASDAQ: TBIO) on the development of a RNA vaccine candidate.
A number of vaccines are undergoing late-stage testing or nearing them, including those from Inovio Pharmaceuticals Inc (NASDAQ: INO), Moderna Inc (NASDAQ: MRNA), Pfizer Inc (NYSE: PFE) and Johnson and Johnson (NYSE: JNJ).
AstraZeneca Plc’s (NYSE: AZN) vaccine is likely to be fast-tracked for approval in the United States, ahead of the coming presidential elections in November, as per the Financial Times.
Price Action: Sanofi shares traded unchanged at $50.58 at press time in the pre-market session Tuesday. Regeneron shares traded 0.26% lower at $618.33.
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