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The decision to discontinue the trial was due to "strategic considerations."
The oral GLP-1 receptor agonist was recommended by the EMA's Committee for Medicinal Products for Human Use for weight management and to treat type 2 diabetes in adults.
The funding will help the biotech move its two lead programmes into the clinic for autosomal dominant polycystic kidney disease in 2027 and 2028, respectively.
The biotech's shares climbed roughly 25% during its first day of trading on Friday.
The label expansion enables adults with the condition to receive the anti–IL-6 antibody subcutaneously every four weeks during maintenance.
Conference News
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