A federal judge dismissed a shareholder lawsuit alleging Centessa Pharmaceuticals PLC overstated the prospects of a kidney disease treatment ahead of the drug maker’s initial public offering.
After early successes in clinical studies, Centessa abandoned efforts to develop the drug, lixivaptan, for a type of kidney disease in mid-2022 after a patient experienced liver chemistry abnormalities.
While investors complained of misstatements and omissions in Centessa’s registration statement, Judge Gregory Woods said the company’s statements about its goals for lixivaptan were replete with notes of caution.
“Centessa dedicated about 80 pages of its Registration Statement to articulating all the things that ...
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