Eli Lil­ly part­ner Chi-Med sees shares tank as its new­ly ap­proved can­cer drug flunks PhI­II lung can­cer tri­al

Shares of Hutchi­son Chi­na MediTech — bet­ter known as Chi-Med — took a nasty hit Fri­day morn­ing with the news that their lead drug fruquin­tinib failed a Phase III study for third-line cas­es of non-small cell lung can­cer in Chi­na.

The first ma­jor new drug to be de­vel­oped in Chi­na and ap­proved by reg­u­la­tors for colon can­cer just 2 months ago, re­searchers say their drug — part­nered with Eli Lil­ly — flopped on the over­all sur­vival mark, the pri­ma­ry end­point.

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