Novartis shares jump after Ianalumab meets endpoint in clinical trial

Shares of Novartis NOVN.S jump 2% after the Swiss pharmaceutical company said its Sjoegren's disease treatment, Ianalumab, met primary endpoint in Phase III trial

The drug has already been granted fast track designation by the U.S. Food and Drug Administration (FDA) and Novartis says it plans to submit to health authorities globally

If approved, Ianalumab could be the first targeted treatment approved for patients with Sjoegren's disease

"Overall, we believe that the detailed data is needed to fully assess the strength of the efficacy benefit seen," Jefferies analysts write, expecting shares to outperform by 2-3% on Monday

They add that further detailed results will only be disclosed at an upcoming medical meeting, which they infer could be at ACR between October 24-29

The shares top Switzerland's blue-chip index .SSMI