Pfizer (PFE) presented new clinical trial data Monday showing its experimental drug tafamidis reduced the risk of death by 30 percent in patients with a rare disease that causes heart failure. Biotech investors reacted by bidding shares of competitor Alnylam Pharmaceuticals (ALNY) higher. Shares of Eidos Therapeutics (EIDX), another Pfizer rival, fell sharply.
Tafamidis looks well on its way to becoming a blockbuster drug for Pfizer, aimed at treating patients with transthyretin amyloid cardiomyopathy. The disease, which also goes by the moniker TTR-CM, is caused by unstable proteins that clump together and lodge in the heart. Tafamidis works by stabilizing the proteins so they can’t do any damage.