Prognosis
Biotechs Chasing Cancer Cures Plummet After Roche Trial Failure
- Arcus Biosciences, iTeos have worst one-day drops on record
- A fund that tracks cancer drug developers falls to a new low
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Drug developers chasing new cancer treatments were hit hard on Wednesday after a study by Roche Holding AG failed to show that its medicine, which was touted as a potential game changer, can help patients with the most common form of lung cancer.
Both Arcus Biosciences Inc. and iTeos Therapeutics Inc. -- which are developing rival treatments -- logged their worst one-day drops ever, falling 28% and 30% respectively on Wednesday. Arcus partner and top investor Gilead Sciences Inc. sank 2%.