magicmine/iStock via Getty Images Travere Therapeutics ( NASDAQ: TVTX ), the developer of kidney disease therapy Filspari, traded higher Tuesday after Novartis ( NVS ) released late-stage data for a competing product and rival drug developer Calliditas Therapeutics ( CALT ) drew buyout interest. Filspari, indicated under the FDA's accelerated approval path for the rare renal disorder IgA nephropathy (IgAN), is currently under the agency's priority review for full approval, with a decision expected by Sep. 5.
Travere ( TVTX ) gained attention after Novartis ( OTCPK:NVSEF ) announced interim data from a Phase 3 trial for its IgAN candidate, astrasentan, on Tuesday. The readout, which showed a ~36% decline in proteinuria in patients on astrasentan compared to placebo over 36 weeks in an interim analysis, failed to meet expectations, according to Barclays analyst Carter Gould. Meanwhile, Japanese conglomerate Asahi Kasei ( OTCPK:AHKSY ) ( OTCPK:AHKSF ) agreed to offer $1.
1B for Calliditas Therapeutics ( CALT ), which markets Tarpeyo, a drug indicated in the U.S. to reduce kidney function loss in adults with IgAN.
The deal indicates "strategic interest in renal names beyond the disease-modifying treatments that have garnered recent attention," Gould added. More on Travere Therapeutics Travere Therapeutics, Inc. (TVTX) Q1 2024 Earnings Call Transcript Travere Therapeutics Q1 2024 Earnings Preview Travere, CSL win conditional nod for kidney disease therapy in EU Seeking Alpha’s Qu.
