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.
“This is also an important first data readout in our broad lung cancer program, with many more to come. In addition to these important findings, a second part of the trial, which is assessing overall survival with the Opdivo plus Yervoy combination, is continuing as planned,” added Bristol-Myers Squibb.
It came as the group also reported quarterly financial results that modestly beat market forecasts.
Bristol-Myers Squibb reported a loss of $2.3bn for the final three months of 2017 versus a profit of $894m in the same period of 2016.
The loss was due to a one-off charge of $2.9bn owing to US tax reform.
Revenue edged up 4% year-on-year, to $5.4bn.