Health
AbbVie Tumbles After New Schizophrenia Drug Fails Two Trials
- Company acquired drug as part of $8.7 billion Cerevel purchase
- Bristol jumps most in 18 years after competitor’s setback
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AbbVie Inc. shares fell the most in more than four years after two mid-stage trials of its drug to treat schizophrenia failed to meet their primary goal, a blow to the company’s $8.7 billion acquisition of Cerevel Therapeutics earlier this year.
The medicine, emraclidine, didn’t show a statistically significant improvement on a scale used for measuring the severity of symptoms of the mental illness, AbbVie said Monday. The company plans to analyze the data to determine next steps.