Eli Lilly's Investigational Cancer Drug Hits Snag in Breast Cancer Trial

By Joshua Jamerson 

Eli Lilly & Co. said Wednesday its investigational cancer-fighting drug failed to meet efficacy criteria in an interim analysis of a phase-3 trial for treatment of breast cancer.

Shares slipped 1.8% to $80.00 in premarket trading. Eli Lilly stock had climbed 6% in the past three months through Tuesday's close.

The pharmaceutical manufacturer said the trial of the drug, Abemaciclib, will continue into the first half of 2017, at which point a final analysis of its primary endpoint -- progression-free survival -- will be disclosed, as well as overall survival and safety data. The company didn't specify what efficacy criteria the treatment has not met so far in the trial, but an independent data monitoring committee recommended Lilly continue the study without modifications.

Abemaciclib is an oral cell cycle inhibitor, designed to block the growth of cancer cells. The company has several trials evaluating abemaciclib in breast cancer, and a Phase 3 trial of abemaciclib in lung cancer is also under way. Investors have been optimistic on the drugmaker's medicines currently in development.

The Indianapolis company has bet on its own research pipeline to generate new products and boost revenue in an effort to offset generic competition for older drugs. Its efforts started to pay off in 2014 when Lilly began to launch a series of new drugs, such as cancer treatment Cyramza and diabetes drug Trulicity. In recent quarters, sales of new drugs have helped pad the effects of patent expirations.

The company's chief executive, John C. Lechleiter, said last month he would retire at the end of the year after eight years leading the company.

Write to Joshua Jamerson at [e-mail]

(END) Dow Jones Newswires

August 10, 2016 09:31 ET (13:31 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.