Shares of drugmaker Bristol-Myers Squibb (BMY) - Get Report are under pressure after the pharmaceutical giant revealed that a recent trial involving one of its treatments for melanoma skin cancer didn't meet its main objectives.
The company said preliminary results from its trial on stage 3 and 4 melanoma cancer surgery patients using Opdivo (nivolumab) plus Yervoy (ipilimumab) vs. Opdivo alone did not provide a "statistically significant benefit."
"A statistically significant benefit was not reached for the co-primary endpoint of recurrence-free survival (RFS) in patients whose tumors expressed PD-L1 <1%," the company said in a statement.
The phase 3 "Checkmate -915" study involved 1,943 patients. Melanoma is a form of skin cancer characterized by uncontrolled growth of pigment-producing cells (melanocytes) located in the skin. Metastatic melanoma is the deadliest form of the disease and occurs when cancer spreads beyond the surface of the skin to other organs.
While the trial-results were negative, the company did have positive news to share related to its in-the-works $74 billion mega-acquisition of Celgene (CELG) - Get Report , which it announced last week received approval from the U.S. Federal Trade Commission.
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