01:19 AM EDT, 10/28/2026 (MT Newswires) -- Novartis (NOVN.SW) recorded a $1.9 billion write-down on del-desiran after the investigational drug failed to meet its primary endpoint in a phase 3 trial for myotonic dystrophy type 1. The Swiss pharmaceutical giant reported Tuesday that it took a "partial impairment charge" in its third-quarter results following the trial setback. It said the charge reflected a delay in the drug's development timeline due to additional clinical work. Novartis obtained del-desiran as part of its $12 billion acquisition of US biotech Avidity BioSciences in the first quarter. It said the company saw evidence of clinical activity in the data, and it is working through the development path for the drug.

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