Vera Therapeutics falls after kidney drug data from rival Otsuka

Shares of drug developer Vera Therapeutics VERA.O fall 33.1% to $20.50 premarket

Rival Otsuka's 4578.T experimental drug for a type of kidney disease showed over 50% reduction in protein in patient's urine in a late-stage trial, co says

VERA's shares surged 60% on Monday after its experimental kidney disease drug, atacicept, helped significantly reduce harmful levels of proteins in the urine in a late-stage study

Both companies are developing drugs to treat IgA nephropathy, which causes abnormal protein buildup in the kidneys and could eventually lead to the organ's failure

Vera's drug atacicept reduced protein levels in patients' urine by 46%, compared with a 7% reduction with a placebo

Up to last close, VERA down 27.6% YTD