A Delaware-area biotechnology company announced Tuesday it will explore selling itself or other strategic alternatives following disappointing results from a major drug trial.
Theravance Biopharma revealed that its experimental medication ampreloxetine did not achieve its primary objectives in advanced clinical testing. The treatment was designed to help patients with multiple system atrophy, an uncommon condition that causes potentially dangerous blood pressure drops when patients stand up.
According to the company’s announcement, participants who received the experimental treatment showed no significant symptom improvements when compared to those who received inactive placebo treatments.
The biopharmaceutical firm has enlisted investment banking firm Lazard to assist with evaluating its options, though company officials cautioned that no transaction is guaranteed to occur.
Trading of Theravance shares was suspended during pre-market hours following the announcement.
