Tricida gains on long-term Phase III data for metabolic acidosis therapy

Shares of Tricida jumped $13.73 (57%) to $37.80 on Thursday after veverimer (TRC101) significantly reduced a composite of all-cause mortality and/or progression of chronic kidney disease in the Phase III TRCA-301E extension trial to treat metabolic acidosis in CKD patients. The move translates to a gain of more than $575 million in market cap.

Tricida Inc. (NASDAQ:TCDA) said the trial was not designed or powered to assess all-cause mortality or CKD progression, and that the company was not expecting a clinical benefit beyond the secondary endpoint measuring blood bicarbonate levels until the readout from the confirmatory Phase III VALOR-CKD (TRCA-303) trial, expected in 2022-23...