Blow for Bristol-Myers after Opdivo/Yervoy flunks Phase III test

Shares in New York-based drugmaker Bristol-Myers Squibb (NYSE: BMY) are faring poorly in pre-market trading, after the firm announced a Phase III trial flop for its combination Opdivo (nivolumab) plus Yervoy (ipilimumab) therapy.

The CheckMate-451 study did not meet its primary endpoint of overall survival (OS), testing the combo as a maintenance therapy for certain patients with extensive-stage small cell lung cancer (SCLC).

SCLC accounts for about 10% to 15% of all lung cancers and less than 5% of patients with extensive-stage SCLC survive two years. The five-year survival rate is 1% to 2%.