SWTX - SpringWorks drops 21% as Allogene drops lead asset in combination study

• Clinical-stage biotech SpringWorks Therapeutics ( NASDAQ: SWTX ) lost ~21% Wednesday, the sharpest intraday decline since May after its partner Allogene ( ALLO ) said that the company’s lead candidate nirogacestat would not be used in dose expansion cohorts in a cancer trial.
• The Phase 1 study, a component of the ongoing UNIVERSAL program, was designed to evaluate nirogacestat in combination with Allogene’s ( ALLO ) investigational anti-B-cell maturation antigen AlloCAR T therapy ALLO-715 in patients with multiple myeloma.
• Citing a lack of evidence over whether the drug combo would improve the benefit-risk profile of ALLO-715 as a monotherapy, Allogene ( ALLO ) has decided not to advance ALLO-715 in combination with nirogacestat into dose expansion cohorts.
• The collaboration between the two companies will remain in effect until the entire dataset of the combination trial is reviewed.
• In April 2021, Allogene ( ALLO ) and SpringWorks ( SWTX ) announced the dosing initiation of the early-stage study.

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