Bristol-Myers: liver cancer drug misses goal, shares fall
(CercleFinance.com) - The Bristol-Myers Squibb stock is down over 6% on Monday after the US biopharmaceutical company said its liver cancer drug failed in a late-stage study.
The drugmaker said Opdivo did not meet the primary endpoint of showing statistically significant overall survival benefit in the phase III study.
However, the results showed a clear trend towards improvement in overall survival for patients treated with Opdivo compared to current standard of care, the group said.
Hepatocellular carcinoma, the most common type of liver cancer, is a difficult-to-treat cancer, for which there have been no significant advances in over a decade.
Bristol-Myers' Opdivo has been designed to harness the body's own immune system to help restore anti-tumor immune response.
The shares opened down about 6% at 46.3 dollars this morning.
In a separate statement, Bristol-Myers said that it is planning to sell its psoriasis drug Otezla to allow the acquisition of biotech firm Celgene to close "on a timely basis" in light of concerns expressed by the FTC.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The drugmaker said Opdivo did not meet the primary endpoint of showing statistically significant overall survival benefit in the phase III study.
However, the results showed a clear trend towards improvement in overall survival for patients treated with Opdivo compared to current standard of care, the group said.
Hepatocellular carcinoma, the most common type of liver cancer, is a difficult-to-treat cancer, for which there have been no significant advances in over a decade.
Bristol-Myers' Opdivo has been designed to harness the body's own immune system to help restore anti-tumor immune response.
The shares opened down about 6% at 46.3 dollars this morning.
In a separate statement, Bristol-Myers said that it is planning to sell its psoriasis drug Otezla to allow the acquisition of biotech firm Celgene to close "on a timely basis" in light of concerns expressed by the FTC.
Copyright (c) 2019 CercleFinance.com. All rights reserved.