Eli Lilly's ramucirumab succeeds in Ph III gastric cancer study

US pharma major Eli Lilly (NYSE: LLY) revealed yesterday that the REGARD trial, a Phase III study of ramucirumab (IMC-1121B) in patients with metastatic gastric cancer, met its primary endpoint of improved overall survival and also showed prolonged progression-free survival. This trial is the first Phase III data read-out for ramucirumab, the company noted. Lilly’s shares jumped 4.1% to $52.53 as investors welcomed the findings.

Ramucirumab was developed by ImClone Systems, which Lilly acquired for $6.5 billion, outbidding Bristol-Myers Squibb (The Pharma Letter October 13, 2008). The compound received orphan drug designation from the European Commission earlier this year.

If approved, ramucirumab could generate $600 million in annual sales in the gastric cancer indication, said Mark Schoenebaum, an analyst with ISI Group, in a note to clients quoted by Bloomberg. Lilly’s shares rose 2.4% to $51.67 in morning trading yesterday.