AbbVie is shutting down its troubled Rova-T R&D program [MarketWatch]
Last abbvie inc. earnings: 5/1 07:43 am
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AbbVie is shutting down its troubled Rova-T R&D program Shares of AbbVie Inc. ABBV, +0.74% rose 1.5% in premarket trade Thursday after the company announced it had shut down its troubled Rova-T research and development program. The drugmaker said it was discontinuing a late-stage trial of Rova-T as a potential treatment for advanced small-cell lung cancer after interim data showed patients on the drug had no survival benefit compared with those on placebo. "Small-cell lung cancer continues to be one of the most difficult-to-treat cancers where there is a significant need for transformative therapies. We are disappointed with this outcome for the patients who suffer from this disease," said Margaret Foley, global head of solid tumor development at AbbVie. The closure of the Rova-T program comes after several other trial setbacks for the drug. AbbVie bought Stemcentrx and its prized investigational drug in 2016 for $5.8 billion in cash and stock, but was forced to put down an impairm
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