Bristol-Myers Falls Further Behind Merck in Lung Cancer Race
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Bristol-Myers Squibb Co. shares swooned after the drugmaker said it wouldn’t seek accelerated approval for a combination of two approved drugs to treat newly diagnosed lung cancers, falling further behind in its race with Merck & Co. in the field.
Bristol-Myers fell 9.4 percent to $51.50 at 9:45 a.m. in New York, its biggest intraday loss since October, while Merck & Co. gained 4.3 percent to $62.92. The U.K.’s AstraZeneca Plc, which is also testing lung-cancer treatments, slumped 3.4 percent in London.