PRNB - Principia Biopharma: Hype Over Multiple Sclerosis Data Is Overblown

We are short shares of Principia Biopharma (PRNB). Last week, Sanofi, the large pharma company that has licensed Principia’s BTK inhibitor SAR442168 for use in multiple sclerosis, announced that the drug met the primary endpoint of its Phase 2 trial. In our original report on Principia, we noted the severe flaws in the design of this clinical trial and predicted that “[a]ny data are bound to be noisy and inconclusive.” But Sanofi circumvented this problem by simply not providing any granular data at all: its press release and subsequent management commentary contained no

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