Regeneron Sinks After Late-Stage Melanoma Trial Failure

Regeneron Pharmaceuticals Inc. said a key late-stage melanoma study failed, adding to a series of challenges for the US biotech. The shares plunged in premarket trading.

Regeneron’s experimental drug fianlimab couldn’t beat Merck & Co.’s established cancer blockbuster Keytruda in the study, Regeneron said late on Friday. Another head-to-head trial of the Regeneron compound versus Bristol-Myers Squibb Co.’s Opdualag continues.