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.

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