Sage Therapeutics Inc.’s experimental fast-acting drug aimed at treating severe depression failed a closely-watched study, sending shares down 60 percent and erasing about $4.6 billion of the drugmaker’s market value.

ChemoCentryx and VFMCRP announced that the companies’ pivotal Phase III ADVOCATE clinical trial of avacopan for ANCA-associated vasculitis hit the study’s primary endpoints.

Biogen Inc. and Eisai Co. Ltd. are abandoning two late-stage trials for their Alzheimer’s treatment elenbecestat in a widely anticipated move that comes months after the companies scrapped studies of aducanumab for the memory-robbing disease.

Israel’s Nobio Ltd. received approval from the U.S. Food and Drug Administration to market an anti-bacterial composite designed to remain in the teeth for decades.

The U.S. FDA approved Amneal Pharmaceuticals’ generic version of Novartis’ Exelon Patch (Rivastigmine Transdermal System) for dementia related to Alzheimer’s and Parkinson’s diseases.

The year 2018 saw a number of significant triumphs in the biopharma industry – increased numbers of drug approvals and near record-shattering IPOs, but the industry also saw its share of blemishes and black eyes from various corners of the globe.

Vital Therapies Inc. will explore strategic options after the U.S. biotech firm’s liver disease treatment failed to meet the main goal of a late-stage study, driving its shares down more than 70 percent.

Britain’s Summit Therapeutics will stop developing the company’s Duchenne muscular dystrophy drug after ezutromid failed a mid-stage study, wiping out nearly 80 percent of its market value.

Athersys Inc. and Mesoblast Ltd. are beginning final-stage trials in hundreds of patients that they – along with loyal investors – say could change the course of devastating stroke and heart failure.

Denali Therapeutics – launched in May 2015 by three former Genentech researchers – went public, raising $250 million with shares priced at $18.