AbbVie shares tank on Rova-T flop, sudden retreat from accelerated approval pitch
AbbVie’s stock $ABBV is getting hammered this morning after its $10 billion Rova-T program posted poor mid-stage results for third-line small cell lung cancer, forcing the company to scuttle any plans to seek an accelerated approval for the closely-watched drug after talks with skeptical regulators.
After fanning hopes — amid considerable skepticism in some circles — with its projections of a mega-blockbuster future for Rova-T, investigators outlined a 16% objective response rate and median overall survival of 5.6 months for the drug.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.