NEW YORK (TheStreet) -- Endocyte  (ECYT) - Get Report plummeted approximately 25% in after-hours trading on Tuesday after the biopharmaceutical company announced Merck  (MRK) - Get Report, through a subsidiary, would no longer pursue development of vintafolide, aka Vynfinit.

Endocyte said it has regained worldwide rights to the ovarian cancer drug and will evaluate Vynfinit "for future development opportunities."

Endocyte's stock plummeted on May 2 when the drug failed in a Phase III study. For more on that, read TheStreet's Adam Feuerstein's story here.

Must Read: Endocyte Falls on Ovarian Cancer Drug Blowup

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The stock was down 23.7% to $5.89 at 4:34 p.m.

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ECYT Price data by YCharts

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