No silver lining in failed Bristol cancer drug trial

A trader passes by a screen displaying the tickers symbols for Bristol-Myers Squibb and Intelsat, Ltd. on the floor at the New York Stock ExchangeBy Ben Hirschler COPENHAGEN (Reuters) – Bristol-Myers Squibb disappointed investors on Sunday as researchers detailed data for its Opdivo cancer immunotherapy, which was already known to have failed to do better than older chemotherapies in a closely watched clinical trial. Some analysts had speculated the study would at least show Opdivo worked in a subset of lung cancer patients with a biomarker that should make them more receptive to immunotherapy, but there was no sign of this. Bristol first announced the trial failure in August, since when its shares have fallen by around a quarter, but experts have been waiting eagerly to learn exactly what went wrong and see if something might be salvaged from the setback.

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