Viridian's drug cuts thyroid eye disease symptoms in late-stage study
Shares rise 14% as drug meets main and secondary goals
Analysts highlight less frequent dosing as a key advantage
Jefferies estimates potential peak sales of $2 billion
Adds analyst comment in paragraphs 3-5 and paragraph 9, background on disease throughout
By Mariam Sunny
Sept 10 (Reuters) -Viridian Therapeutics VRDN.O said on Tuesday its experimental treatment helped significantly reduce symptoms of thyroid eye disease (TED) in a late-stage study, setting the stage to become the first rival to Amgen's blockbuster therapy Tepezza.
Shares of the company rose 14% to $16.19 in morning trading as the drug met the trial's main and secondary goals in patients with the rare disorder that is estimated to affect between 90 and 300 per 100,000 people in the U.S.
Wall Street analysts said the need for less frequent dosing for Viridian's drug, veligrotug, versus Amgen's could make it a convenient alternative.
"Today's data looks very good and promising with the potential for a shorter-duration and more convenient alternative to Tepezza and a good side effect profile," Jefferies analyst Michael Yee said in an emailed response.
Yee estimates potential peak sales of $2 billion for Viridian's drug as a treatment for TED. Tepezza generated sales of $479 million in the three months ended June 30. Amgen had gained the drug through its $27.8 billion deal for Horizon Therapeutics.
TED causes inflammation and damage to the tissues around the eye and usually occurs in people with Graves' disease, an immune system disorder that results in overproduction of thyroid hormones.
Veligrotug helped 64% of patients, when adjusted for placebo rates, achieve at least a 2-millimeter reduction in eye bulging after 15 weeks of treatment, Viridian said.
The company said 5.5% of patients, when adjusted for placebo rates, in the 113-member study experienced treatment-related hearing impairment. The hearing-impairment was below its expectations, it added.
Truist analyst Srikripa Devarakonda said while the Viridian drug was effective, the hearing loss side effect left room for future rivals.
Viridian expects data from a second late-stage study toward the end of the year and plans to apply for approval in the second half of 2025.
Reporting by Mariam Sunny in Bengaluru; Editing by Shilpi Majumdar, Anil D'Silva and Sriraj Kalluvila
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