Bristol-Myers Partner Ono Plunges as Drug Fails Trial
- Ono, Bristol-Myers have partnership to commercialize Opdivo
- Company says failed trial won’t affect its full-year earnings
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Ono Pharmaceutical Co. plunged in Japan trading after its partner Bristol-Myers Squibb Co. said a drug they worked on jointly failed in a lung cancer trial that would have been the basis for widely expanding use of the treatment.
The two companies have a partnership to commercialize the medicine, called Opdivo. Opdivo is approved in lung cancer, though not as a first-line therapy, a large growth opportunity for cancer drugs. Positive results on the drug in the past few years had helped push up both companies’ stock prices. Ono said in a statement Monday that the failed Opdivo trial won’t affect its full-year earnings.