Shares of ImClone fell $3.10, or more than 7 percent, to $39.25 in afternoon trading on the Nasdaq Stock Market. Bristol Myers shares rose 6 cents to $27.72 on the New York Stock Exchange.
The New York-based drug companies said that the study of Erbitux plus a chemotherapy drug in patients with inoperable or metastatic pancreatic cancer did not meet its primary endpoint of improving overall survival.
The study, conducted by the Southwest Oncology Group, compared Erbitux plus the chemotherapy agent gemcitabine with gemcitabine alone in more than 700 patients with pancreatic cancer in the first-line treatment setting.
ImClone's chief medical officer Eric Rowinsky said the company will continue to explore how Erbitux can improve the outcome for pancreatic cancer patients.
Russian Finance Minister Anton Siluanov announced a possible move that Russia can take in response to new US sanctions
When the bill was submitted to Congress on August 2, the reason for imposing the new sanctions on Russia was based on Russia's alleged interference in the US presidential election in 2016, but then something clicked
The Central Bank of Turkey announced measures to protect the financial market of Turkey against the background of the collapse of the Turkish lira and conflict of interests with the United States of America