Still struggling to find ways to expand its oncology franchise for Rubraca, Clovis quietly revealed after the market closed Friday that it is shuttering a monotherapy Phase II study in bladder cancer after independent observers concluded that the PARP drug wasn’t going to win this one.
Clovis’ stock tanked as news spread, dropping about 14%.
The setback comes just days after some upbeat Phase II results in pancreatic cancer, though Astrazeneca and Merck would appear to be well ahead on that front, along with all others in the PARP field. Their drug Lynparza got a lengthy head start in breaking into the oncology market ahead of Clovis and other rivals, a group that now includes GlaxoSmithKline after they bought out Tesaro for $5.1 billion.
Clovis gained about $96 million in Rubraca revenue last year, compared to $647 million for AstraZeneca.
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