Business
Abivax Shares Tumble 44% After Cancer Signal in Ulcerative Colitis Trial; ‘Pharma Bro’ Shkreli Compares Risk to GLP-1 Concerns
Shares of Abivax (ABVX) closed down 44% on Tuesday, marking their worst single-day drop on record, after the company disclosed cases of non-melanoma skin cancers and other malignancies in a late-stage trial of its ulcerative colitis drug obefazimod. Martin Shkreli, the former pharma executive known as ‘Pharma Bro,’ dismissed the fears by drawing parallels to early safety scares around GLP-1 drugs that later became blockbusters.
