Novartis Slides on Cholesterol Drug Failure; Asian Tech Stocks Surge Amid Middle East Tensions
Novartis shares fell 3.6% after its experimental cholesterol drug pelacarsen failed to reduce cardiovascular risks in late-stage trials, despite lowering cholesterol levels. The setback heightens concerns regarding the company's patent cliff and upcoming muscular dystrophy trial. Asian markets rallied, with South Korea’s Kospi jumping 4.6% on tech gains, while European stocks opened lower. Oil prices rose as U.S. officials signaled a potential delay in an Iran nuclear deal. LG Electronics surged 8% on reports of a pre-IPO fundraising round for its robotics subsidiary.