LONDON — Shares in the pharmaceutical giant AstraZeneca are dropping fast on Thursday morning after the company announced that a trial of a new drug for treating lung cancer had not produced the expected results.
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Shares in pharma giant AstraZeneca plunge more than 15% after lung cancer drug trial setback
Initial results into the study, known as "Mystic," showed that the medicines did not "meet the primary endpoint" intended from the trial.
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In an update to the stock market, the company — which makes many widely used clinical drugs, including anaesthetics and diabetes treatments — said that initial results of the study, known as "Mystic," showed that the medicines did not "
The trial featured an immunotherapy drug, which AstraZeneca hopes will be able to be used as an alternative to chemotherapy in the treatment of non-small cell lung cancer in future, but results were disappointing.
The setback has also proved a major negative for investors in the Anglo-Swedish firm, and the company's stock has plummet ted as a result.
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By just before 8.25 a.m. BST (3.25 a.m. ET) the FTSE 100-listed stock is down more than 15%, as the chart below illustrates. If shares stay roughly where they are, the company will have its worst day on the FTSE since listing in 1993:
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