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Shares of Eli Lilly (LLY) - Get Eli Lilly and Company Report were down in premarket trading Wednesday after the company said its Phase 3 study of patients with metastatic pancreatic cancer "did not meet its primary endpoint of overall survival."

Lilly shares fell 1.6% to $108 in premarket trading.

The trial evaluated Lilly's pegilodecakin plus Folfox, which is a combination of chemotherapy drugs, compared to Folfox alone in patients with metastatic pancreatic cancer.

"Pancreatic cancer has proven to be one of the most difficult tumor types to treat and there have been very few recent treatment advancements in the later-line metastatic setting," Dr. Maura Dickler, vice president, late phase development, Lilly Oncology, said in a statement.

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"While we are disappointed by the outcome of the SEQUOIA study, we look forward to the upcoming results in lung cancer, learning from those results and increasing our understanding of pegilodecakin's novel mechanism of action in cancer immunotherapy."

The company noted that metastatic pancreatic cancer is one of the deadliest major cancers, with just 3% of patients in the U.S. living five years after the cancer is diagnosed.