Oric Pharmaceuticals falls after peer Ipsen voluntarily withdraws Tazverik

Shares of Oric Pharmaceuticals (ORIC) are down $1.63, or 12%, to $12.09 in Monday morning trading after rival drugmaker Ipsen (IPSEY) announced today that it is voluntarily withdrawing Tazverik in all indications from all Ipsen markets. “Ipsen’s decision to withdraw is based on emerging data from the ongoing Phase Ib/III SYMPHONY-1 trial. The Independent Data Monitoring Committee advised that, based on adverse events of secondary hematologic malignancies, the risks may outweigh potential benefits for patients within this treatment regimen. As a result of these data, Ipsen is withdrawing Tazverik effective immediately, including both for follicular lymphoma and epithelioid sarcoma,” the company stated.