Why Are Ionis Pharmaceuticals Shares Tanking Today?

Pfizer Inc (NYSE:PFE) and Ionis Pharmaceuticals Inc (NASDAQ:IONS) will discontinue the Pfizer-led clinical development program for vupanorsen (PF-07285557), an investigational antisense therapy.

• A little over two years after Pfizer paid Ionis $250 million cash to in-license rights to vupanorsen (AKCEA-ANGPTL3-LRx), now the pharma giant has decided to ax late-stage work on the drug and hand it all back to Ionis.
• The decision follows a thorough review of data from the Phase 2b trial of vupanorsen in statin-treated participants with dyslipidemia.
• Related: Pfizer Posts Vupanorsen Data From Mid-Stage Cardiovascular Disease Trial.
• Pfizer noted that the trial achieved a statistically significant reduction in non-high-density lipoprotein cholesterol (non-HDL-C), as well as statistically significant reductions in triglycerides (TG) and angiopoietin-like 3 (ANGPTL3). 
• However, the magnitude of non-HDL-C and TG reduction observed did not support the continuation of the clinical development.
• Also See: Pfizer - OPKO Health's Growth Hormone Deficiency Candidate Receives FDA Response Letter.
• Price Action: IONS shares are down 9.22% at $28.76, PFE stock is down 0.37% at $54.13 during the premarket session on the last check Monday.