Bristol Myers Squibb Co stated Monday its combination therapy for multiple myeloma failed the main aim of improving progression-free survival in newly identified patients during a late-stage study.
The combination of the firm’s Empliciti, Celgene’s Revlimid and common anti-inflammatory drug dexamethasone failed to point out statistically vital results, in comparison to a combination of Revlimid and dexamethasone.
Bristol Myers gained access to Revlimid via its $74 billion buyout of Celgene in 2019.
Shares of Bristol Myers had been trading down 4.7% at $57.50 premarket amid broader market weakness after Saudi Arabia ignited a price war with Russia and the ongoing coronavirus epidemic.
The triple combination from Bristol Myers was first accredited in 2015 for treating patients whose cancer had relapsed or those who didn’t respond to available therapies. Empliciti was co-produced with drug-making company AbbVie.
Bristol Myers stated although it was disappointed with the initial research results, it could complete a full analysis of the data and show results at a future medical meeting.
A multiple myeloma is a form of cancer that begins in plasma cells in the bone marrow and disrupts the production of regular blood cells.