Free daily briefing on global business news.

The HARBOR study failure is Novartis's second major late-stage trial setback in days and its third pipeline blow in a week

Sedat Suna / Getty Images

Novartis announced Tuesday that its experimental drug del-desiran failed to beat placebo in a late-stage trial for myotonic dystrophy type 1, sending the company's stock down roughly 9% and on course for one of its worst trading days on record.

The global Phase III HARBOR study, which enrolled approximately 150 patients with the progressive muscle-wasting disease and ran for 54 weeks, came up short of statistical significance on its primary endpoint — video hand opening time — the company said. Secondary endpoints and exploratory analyses showed some evidence of clinical activity, and Novartis said it will evaluate the full dataset and engage with health authorities to determine a development path.