AstraZeneca Plunges After Setback in Crucial Lung-Cancer Drug Trial

Excerpt:

AstraZeneca Plc plunged by a record after suffering a setback to its next-generation cancer medicine, hurting Chief Executive Officer Pascal Soriot’s ambition to join the league of the world’s five largest drugmakers.

“A combination of two immuno-therapies — part of a new class of drugs that activate the body’s defense system to attack tumors — failed to do better than chemotherapy in checking the growth of lung tumors in some patients in the study dubbed Mystic, the U.K. drugmaker said in a statement on Thursday. The drugs were poised to generate more than $7 billion in sales by 2022, according to analysts’ estimates compiled by Bloomberg, and would have made the Imfinzi treatment into Astra’s best-selling medicine.”

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