Amgen Inc. and partner Takeda Pharmaceutical Co. Ltd. on Wednesday said an experimental drug had not met their goal of improving overall survival of patients with advanced lung cancer.
In the late-stage clinical trial, 1,090 patients received two older cancer drugs and then either the experimental drug called motesanib or a placebo. Serious side effects were more frequently reported in patients given motesanib, which led to the trial being halted in November.
"We are disappointed with the results from this trial, but look forward to further analysis of the data which may ultimately help inform future research in this area," Roger Perlmutter, Amgen's executive vice president of research and development, said in a statement. Results of the study are to be presented at a future medical conference.
Analysts had anticipated that motesanib could have reached $912 million in sales by 2017, according to the industry tracker BioMedTracker.
Despite the disappointing news, Amgen shares were up 75 cents, or 1.4 percent, to $54.18 in midday trading on the Nasdaq.
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