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Max Nisen

Bristol's Cancer Lead Looks Shakier

New Roche results suggest Wall Street's expectations are too high.

In pharma, imitation is an extremely irritating form of flattery. 

The market to sell immuno-oncology (IO) drugs, which boost the immune system to fight cancer, has for a while now been a two-company race between Bristol-Myers Squibb and Merck. Bristol has dominated because its drug Opdivo can be prescribed without a biomarker test for the best-suited patients; Merck's Keytruda needs such a test.