Vertex Rises as Kidney Drug Meets Goal in Late-Stage Trial

Vertex Pharmaceuticals Inc. shares rose after the biotech company said its drug to treat a kidney disorder met its goal in a late-stage trial, providing a boost to its strategy of moving beyond cystic fibrosis treatments.

Patients who were treated with povetacicept achieved a 52% reduction from baseline in a measure of protein in their urine after 36 weeks, the company said in a statement Monday. The drug was generally safe and well tolerated in the study, which had over 605 patients, it said.