The company AMGN -2.15% said it was unable to meet its primary goal in a test of the effectiveness of its blood-cancer drug Kyprolis when compared with current regimens involving two other drugs - dexamethasone or similar corticosteroids, and cyclophosphamide.
That, by itself, caused Amgen shares to dip more than 2% in post-session deals to $124.70, after the stock had moved up by more than $1 during the trading day to $127.34. Amgen and its recently acquired subsidiary, Onyx Pharmaceuticals, believe they can still market Kyprolis, based on positive results released last week on a different test that proved it was effective in treating myeloma when coupled with other drugs.
Onyx spokeswoman Danielle Bertrand said two other Phase 3 tests are being conducted on Kyprolis to measure its effectiveness against Velcade, a product of Japan's Takeda Pharmaceutical Co. Ltd. JP:4502 +0.57% Takeda, in fact, received approval last week from the U.S. Food and Drug Administration to sell Velcade for patients who have relapsed even after using the treatment for their first bout with myeloma.
If that wasn't enough, Amgen also announced a voluntary recall of what it said were nine lots of its anemia drug Aranesp after particles of what is believed to be cellulose and/or polyester were found in prefilled syringes of the treatment. Company officials said a total of 15, 880 syringes were being recalled.
Source: marketwatch.com
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