UPDATE 3-Lilly's cancer therapy Lartruvo fails study, shares drop [Reuters]
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Source: Reuters
Lilly's cancer therapy Lartruvo fails study, shares drop (Reuters) - Eli Lilly and Co said on Friday its cancer treatment Lartruvo, approved on an accelerated basis in 2016, failed to improve patient survival in a long-term study and will no longer be prescribed, driving shares down 3 percent before the bell. The company said it expects to take a charge in the first quarter of 2019 as a result of the failure and will have an impact on its full-year 2019 forecast. Lartruvo was granted accelerated approval based on mid-stage trial data by the U.S. Food and Drug Administration and a conditional approval by the European Medicines Agency in 2016, with continued approval remaining contingent on the results of a late-stage trial. On Friday, Lilly said the study did not confirm the clinical benefit of Lartruvo, used in combination with the standard-of-care chemotherapy doxorubicin, when compared to doxorubicin alone. The company said it was working with global regulators to determine the appr
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