ZYNERBA PLC shares climbed 4.9% in early trading after the pharmaceuticals firm said it had completed a trial of its anti-inflammatory drug.

The company said on Thursday that it had started a Phase 2 study on the drug in patients with Crohn’s disease, ulcerative colitis and ulcerable colitis.

It said the drug could be available by the end of the year.

Analysts had expected the stock to drop as much as 8%.

Zynerca, the largest Swiss pharmaceutical company, said in September it would sell up to 1.5 billion Swiss francs ($1.85 billion) in the deal.

The Swiss government had previously said it would not sell its drug for at least another two years.

The deal has raised questions about the value of Zynerca’s drug, which it said could have a potential market value of $2 billion, as well as the possibility that Zynerva’s shares will tumble further if it cannot achieve its aim of reaching the 1 billion Swiss Francs mark.

Zynerska has been in talks with European Union regulators over the possibility of selling the drug.

Analytica Bank chief economist Martin Schulz said in a note on Thursday the deal was likely to trigger further sell-offs in the stock, adding that the stock could lose as much or more than 10% in a single day.

He said that a deal that would allow Zynerda to sell its drugs to the European Union in exchange for a reduction in Swiss state aid to the drugmaker would not help to ease pressure on its stock price.

The pharmaceuticals company said it has received preliminary regulatory approval for the drug, called Zyngen, from the European Medicines Agency.

In a statement on Thursday, Zynerna said the European Commission had given approval for its first approval of the treatment, in May, for patients with the Crohn-Crohn’s and ulcers diseases.ZYNERDA PLC said the first clinical trial was carried out in patients who have experienced a “very high” number of side effects.

Zynnerda said the trial included patients with ulceration, Crohn disease and Crohn, colitis, asymptomatic colitis or Crohn and ulterative coli.

Zynnerva said the new study has also seen a reduction of the number of serious adverse events in patients.

The company said that since the drug is approved, the number with serious side effects has decreased by 30%.