BUZZ-Tectonic shares plunge as AstraZeneca scraps rival relaxin drug
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Shares of Tectonic Therapeuticplummeted 37.6% to $15.49 premarket after AstraZeneca (AZN.L) halted its relaxin drug AZD3427 due to efficacy concerns. Tectonic is developing TX45, another relaxin-based therapy for similar heart conditions, which Mizuho analyst Uy Ear believes may still succeed despite the setback. The Independent Data Monitoring Committee has recommended continuing TX45's mid-stage study, which has shown promising early results. This follows Eli Lilly's discontinuation of its relaxin drug last year after poor trial outcomes.
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