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Shares of Horizon Therapeutics PLC (NASDAQ:HZNP), which focuses on rare and rheumatic diseases, surged higher Thursday despite an absence of announcements from the biopharma.
What Happened: Horizon shares moved in sympathy with Selecta Biosciences Inc (NASDAQ:SELB), which announced an adverse mid-stage clinical data readout for SEL-212.
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Selecta's Phase 2 study compared SEL-212 to Horizon's Krystexxa, which is the approved uricase in the U.S. for the treatment of chronic refractory gout.
SEL-212 combines Selecta's ImmTOR immune tolerance platform and a therapeutic uricase enzyme, and the company has out-licensed it to Swedish Orphan Biovitrum AB.
Krystexx came into Horizon's stable with its 2015 acquisition of Creata Holdings, which acquired the asset from its original developer Savient Pharma in 2013.
Savient had received the FDA nod for Krystexxa in Sept. 2010.
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"SEL-212 showed a numerically higher response rate on the primary endpoint during months three and six combined, but did not meet the primary endpoint of statistical superiority," Selecta said, in the announcement of the topline data for the Phase 2 study dubbed COMPARE.
SEL-212 led to a statistically significant greater overall reduction in mean SUA levels relative to Krystexxa, Selecta said.
Related Link: Attention Biotech Investors: Mark Your Calendar For October PDUFA Dates
Why It's Important: Krystexxa fetched Horizon $75.2 million — or roughly 20% of its total revenue of $379.3 million — in the second quarter ended June 30.
The setback to the next-gen competing drug-in-development is a clear near-term positive for Horizon.
Selecta said it now looks ahead to evaluate SEL-212 in an ongoing double-blind, placebo-controlled Phase 3 DISSOLVE program.
HZNP, SELB Price Action: Horizon shares gained 3.53% to end Thursday's session at $80.42.
Selecta shares lost 33.87% and closed the session at $1.64.
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