Shares in Bristol-Myers Squibb were sharply higher in pre-market trading on Monday after the pharmaceuticals group reported positive results from clinical trials.
Bristol-Myers Squibb said its lung cancer treatment Opdivo had met the primary goal of a trial in combination with its Yervoy drug.
"Our pivotal Phase 3 CheckMate -227 trial in first-line non-small cell lung cancer (NSCLC) met its co-primary endpoint for the Opdivo plus Yervoy combination, demonstrating highly statistically significant progression-free survival compared with chemotherapy in patients who have high levels of an emerging biomarker called tumor mutation burden (TMB),” said Bristol-Myers Squibb.
Bristol-Myers Squibb shares were up 3.3% in pre-market trading as at 1340 GMT.
Opdivo will challenge offerings form rivals such as Merck, Roche and Astrazeneca in the cancer immunotherapy segment.
Shares in AstraZeneca were down by around 1.6% on the news in London trading.