Royalty Pharma announces update on Novartis' Phase 3 topline results for pelacarsen

Impact · against what's priced in

The Phase 3 failure of pelacarsen removes a potential growth driver for Novartis and Ionis, while Royalty Pharma's downside is limited by a protective deal structure that ensures a modest return. The impact is most severe for Ionis due to the loss of expected milestone payments and the failure of a key development candidate.

NVS−0.60

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