Oct 12 (Reuters) - Shares of biotechnology firm CSL (CSL.AX) fell to a four-year low on Thursday, after rival Novo Nordisk's (NOVOb.CO) Ozempic drug showed early signs of success in delaying the progression of kidney disease in diabetes patients.
Shares of CSL closed 5.7% lower at A$239.77, their lowest since Oct. 10, 2019, after falling 6.7% earlier in the session.
The stock also marked its worst intraday session in four months and was the top loser on the benchmark.
CSL's Vifor segment, which includes therapies for kidney diseases and iron deficiencies, faces concerns of competition in the segment after Ozempic's early trial success, analysts said.
Reporting by Archishma Iyer in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.
Persons:
Novo, Shane Ponraj, Morningstar, Tim Waterer, Archishma Iyer, Varun
Organizations:
CSL, Novo Nordisk's, CSL Vifor, Novo Nordisk, KCM Trade, Sonic Healthcare, Thomson
Locations:
Danish, Bengaluru