Novartis’ Phase 3 HORIZON trial for the cardiovascular drug pelacarsen failed to meet its primary endpoint. The study involved more than 8,300 patients. It failed to show that pelacarsen significantly reduces the risk of major adverse cardiovascular events compared to a placebo. The drug targeted patients with established cardiovascular disease and elevated levels of lipoprotein(a).
Royalty Pharma expects to recoup its total investment and earn a modest positive return. The company’s funding agreement with Ionis is primarily secured by royalties from the existing drug Spinraza. Pelacarsen represented a potential financial upside that will now not be realized.