November 26, 2018 / 9:53 PM / 21 days ago

Bristol-Myers Squibb says cancer drug combination fails late-stage trial

FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured on the blouse of an employee in Le Passage, near Agen, France March 29, 2018. REUTERS/Regis Duvignau

(Reuters) - Bristol-Myers Squibb Co said on Monday a combination of two of its cancer drugs, being tested as a maintenance therapy, did not meet the main goal of extending the lives of lung cancer patients in a late-stage trial.

Shares of the company fell 2.6 percent to $51.34 after the bell on Monday.

The study was testing the company’s immunotherapy drug Opdivo along with its older cancer medicine Yervoy versus a placebo in patients with extensive-stage small cell lung cancer whose disease had not progressed after they received chemotherapy.

Small cell lung cancer (SCLC) accounts for about 10 to 15 percent of all lung cancers and less than 5 percent of patients with extensive-stage SCLC survive two years, the company said.

Earlier this year, the U.S. FDA extended the date by which it was expected to make an approval decision on an Opdivo-Yervoy combination to treat a different form of lung cancer, in order to review new data the company had submitted.

Reporting by Tamara Mathias in Bengaluru; Editing by Shailesh Kuber

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