AbbVie Shares Fall on Low Survival Data for Lung Cancer Drug

Excerpt:

“AbbVie Inc.’s shares fell Monday after an early trial showed patients taking the company’s experimental lung cancer drug survived fewer months than typical of those on chemotherapy, raising questions as to whether the company was right to buy the medicine in a $5.8 billion deal.

“AbbVie’s drug is known as Rova-T. In patients with an aggressive form of lung cancer who expressed more of the protein marker known as DLL3 that’s targeted by the drug, median survival was 5.8 months, according to data presented Sunday at the annual meeting of the American Society for Clinical Oncology in Chicago. With the only approved drug for recurrent disease, a form of chemotherapy called topotecan, median overall survival is about seven months, according to Tony Butler, an analyst at Guggenheim Partners.

“Rova-T’s initial survival data could be a disappointment to investors, Barclays analyst Geoff Meacham said in a note to clients. AbbVie’s shares dropped 4 percent to $62.42 at 10:32 a.m. in New York.”

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