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Shares of Eli Lilly (LLY) - Get Eli Lilly and Company Report sank about 1% to $114.26 Monday even though the company said its drug Taltz saw positive results from a Phase 3 study.

Eli Lilly said the Phase 3 study of Taltz met both primary and secondary endpoints in treating a subset of patients with axial spondyloarthritis, or axSpA, a chronic inflammatory disease affecting predominantly the sacroiliac joints and the axial skeleton and is estimated to affect 4.5 million adults worldwide.

Taltz met the primary endpoint at both week 16 and week 52, the Indianapolis-based company said, demonstrating a statistically significant improvement in the signs and symptoms of nr-axSpA.

"Non-radiographic axSpA is a challenging diagnosis that is not only missed in clinics, but also has limited treatment options for physicians to offer patients," said Atul Deodhar, M.D., professor of medicine, Oregon Health & Science University and clinical investigator for the COAST program, the name of the study. "The COAST-X results offer compelling evidence that Taltz could provide a much-needed new alternative if approved for this patient population."

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Eli Lilly also announced on Monday a global licensing and research collaboration with Avidity Biosciences that is "focused on the discovery, development and commercialization of potential new medicines in immunology and other select indications."