A clinical setback dominated the health and biotech session, as AstraZeneca shed more than 7% after its Phase III CARDIO-TTRansform trial of Wainua in heart disease failed to meet its primary endpoint, the most significant event in an otherwise deal- and financing-focused day for the sector. Alongside the trial miss, Avacta settled a convertible bond tranche in cash, Toscafund secured more time to pursue Spire Healthcare, and Smith+Nephew backed a landmark German clinical consensus on wound therapy.
Avacta settles £3.67m convertible bond tranche in cash
Avacta Group (AIM:AVCT) elected to settle a £3.67m convertible bond payment in cash rather than through share conversion, reducing the remaining principal balance on the instrument to £16.8m. The cash settlement removes the dilution that a conversion would have brought, and the shares edged up 0.35% to 69.75p on the news.
AstraZeneca ATTR-CM trial fails primary endpoint
The CARDIO-TTRansform Phase III trial of Wainua in transthyretin amyloid cardiomyopathy did not meet its composite cardiovascular mortality and events primary endpoint, delivering a significant clinical disappointment for AstraZeneca (LSE:AZN). The result sent the shares down 7.33% to 13,196p, one of the sharpest single-session falls for the stock in recent memory. Wainua, developed in partnership with Ionis Pharmaceuticals, had been a closely watched asset in the competitive ATTR-CM space.
Toscafund wins four-week extension on Spire Healthcare approach
The deadline for Toscafund to announce a firm intention to make an offer for Spire Healthcare Group (LSE:SPI) has been extended to 6 August, giving the asset manager four additional weeks to progress its potential bid. Spire shares rose 1.42% to 214.5p as the extension kept the takeover possibility alive. The deadline mechanism under the UK Takeover Code means Toscafund must either commit to a firm offer or walk away by that date.
Smith+Nephew backs first German consensus on single-use wound therapy
Smith+Nephew has lent its support to a newly published interdisciplinary expert consensus in Germany that establishes the first risk-based framework for deploying single-use negative pressure wound therapy on closed surgical incisions. The consensus document specifically cites Smith+Nephew's PICO 7 device as a targeted option within the framework, providing the company with a clinically endorsed reference point for the product in one of Europe's largest healthcare markets.
