Dive Brief:

• Argenx shares fell 15% Thursday after the Dutch biotech said its blockbuster Vyvgart medicine failed to help patients with a tough-to-treat autoimmune disease.
• An independent monitoring board recommended ending a Phase 3 study in Sjögren’s disease “for futility” following an interim analysis, Argenx said. The timing surprised analysts, who weren’t expecting results from the trial until the second half of 2027. A separate announcement of successful Phase 2 research into a new drug for celiac disease failed to mollify investors.
• Several analysts said they had not included sales for a Sjögren’s indication in their models because it was a high-risk proposition….