Array BioPharma shares fall 11% premarket after lung cancer drug trial fails to meet goals
Shares of Array BioPharma Inc. slumped 11% in premarket trade Tuesday, on news that a late-stage trial of a treatment for lung cancer failed to meet its primary goal. The news was revealed by AstraZeneca which owns the exclusive rights to the drug from Array. It said the Phase III trial of selumetinib, in combination with docetaxel chemotherapy as a second-line treatment in patients with KRAS mutation-positive locally-advanced or metastatic non-small cell lung cancer failed to meet its primary endpoint. Array has received $26.5 million in upfront and milestone payments for the drug and could earn up to $70 million more in milestone payments and royalties. Last week, Bristol-Myers Squibb Co. said its lung cancer treatment failed a late-stage trial, sending its stock sharply lower. AstraZeneca shares were down 1.5%. S&P 500 futures were up 0.1%.
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