Good afternoon, I’m Selina McKee and here are today’s headlines for Tuesday 5 December.
Germany’s Bayer and US group Onyx Pharmaceuticals have been rocked by clinical data from a Phase III trial showing that their kidney cancer drug, Nexavar, is not effective in treating patients with advanced melanoma.
Shares in Onyx tumbled as much as 30%, clearly reflecting investor disappointment on the news, but Bayer has reiterated its confidence in the drug, which is being tested in two other studies in melanoma and as a single agent in a Phase III trial for liver cancer.
Drug giant Pfizer saw around $21 billion wiped off its value yesterday, after investors turn their backs on the group on news that it’s dropped development of the much hyped cholesterol-booster, torcetrapib, on safety concerns.
The impact of Saturday’s announcement hit home yesterday, as shares in the group closed down 11%.
That’s all for today, please tune in again tomorrow for more top news from the industry.