The bad news is Amgen
The good news is investors weren't really expecting anything different. Amgen's shares are actually up slightly today.
The companies didn't release survival times, but based on the hazard ratio of 0.9, we can conclude that the patients taking motesanib lived longer than the control group. Unfortunately the difference wasn't statistically significant.
Other than that one data point, we're left on our own to figure out Amgen and Takeda's next move. Dr. Roger Perlmutter, executive vice president of research and development at Amgen said, "We are disappointed with the results from this trial, but look forward to further analysis of the data which may ultimately help inform future research in this area."
But that's just drugmaker speak for, "@#%&, it didn't work."
I'd guess Amgen and Takeda will follow in Novartis'
And it's not like lung cancer is the easiest indication to go after. Besides Pfizer's
With plenty of new drugs on the market, Amgen can afford a failure every now and then -- especially from ones that were long shots anyway.
Pfizer is a Motley Fool Inside Value pick. Novartis is a Motley Fool Global Gains choice. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.
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