Alkermes Falls Most Since 2002 as Depression Drug Trials Fail
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Alkermes Plc lost more than a third of its market value after the company said that its drug for depression, its most advanced product in development, failed in two final-stage tests.
The company is testing the ALKS 5461 in three clinical trials as a treatment for major depressive disorder, used with other therapies, and reported results from two of the trials on Thursday. In both trials, the drug failed to meet its primary goal of improving patients’ depression when compared to a placebo, the company said in a statement.