AbbVie down 13% as lung cancer results threaten future revenue
By lunchtime on Thursday, 13% had been wiped off the market value of US drugmaker AbbVie (NYSE: ABBV), compared to the previous close.
The trigger was the company’s announcement that, after consulting with the US Food and Drug Administration (FDA), it will it will not seek accelerated approval for rovalpituzumab tesirine (rova-T) in third-line relapsed/refractory (R/R) small cell lung cancer (SCLC).
This decision was based on ‘magnitude of effect across multiple parameters’ in a single-arm Phase II study, AbbVie announced.
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