Breo Ellipta misses in Phase III SUMMIT study

Theravance Inc. (NASDAQ:THRX) tumbled $2.43 (15%) to $13.56 on Tuesday after Breo Ellipta fluticasone furoate/vilanterol failed to significantly improve survival in patients with chronic obstructive pulmonary disease (COPD) and a history or increased risk of cardiovascular disease in a Phase III study. Theravance is developing the therapy in partnership with GlaxoSmithKline plc (LSE:GSK; NYSE:GSK).

In the 16,485-patient SUMMIT study, Breo Ellipta reduced the risk of dying by 12.2% compared to placebo. The results were not statistically significant and the drug missed the primary endpoint of time to death from any cause (p=0.137). ...