Phase III combo trial failure wipes $4 billion off Incyte's value

7 April 2018
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The promising outlook for immuno-oncology (I-O), and one of its players, took a major blow on Friday after new data revealed that epacadostat in combination with already blockbuster cancer drug Keytruda (pembrolizumab) had failed to meet the primary endpoint of a Phase III clinical trial in melanoma.

Incyte Corp (Nasdaq: INCY) and Merck (NYSE: MRK) announced that an external Data Monitoring Committee (eDMC) review of the pivotal Phase III ECHO-301/KEYNOTE-252 study results evaluating Incyte’s epacadostat in combination with Merck’s Keytruda in patients with unresectable or metastatic melanoma determined that the study did not meet the primary endpoint of improving progression-free survival in the overall population compared to Keytruda monotherapy.

Incyte’s shares plunged 22.9% to $64.02, wiping more than $4 billion off the company’s market capitalization, while Merck dipped 2.15% to $53.36 by close of trading on Friday.

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