Amgen May Have the Next Blockbuster Cancer Drug

Shares of Amgen Inc. jumped as much as 6.1% on Monday, the most intraday in more than two years, after the company said it saw early signs of activity in a study of 35 patients for an experimental drug targeting one of the most commonly mutated genes in cancer. A small-cap peer, Mirati Therapeutics Inc. rallied as much as 43% to a record. Analysts say Amgen’s medicine has the potential to be the next cancer “blockbuster.”

Out of 10 lung cancer patients getting Amgen’s AMG 510 in the early-stage study, five went into partial remission while another four saw their disease stabilize. One patient’s response deepened to a complete remission four months after treatment, following a data cutoff, the company said in a statement.