Foghorn plunges after scrapping Lilly-backed drug program

By Reuters News

** Shares of cancer drug maker Foghorn Therapeutics FHTX.O fall 44% to $2 premarket

** Stock set to open at a record low if levels hold

** Co says it discontinued development of an experimental cancer drug it was working on with pharma giant Eli Lilly LLY.N

** Cos will not extend their 2021 partnership, originally valued at up to $1.6 bln, after the FHD-909 drug failed to show enough benefit in an early-stage trial

** FHTX to cut about 40% of its workforce; expects about $2.3 mln in layoff-related charges

** Says it will focus on its own pipeline of blood and prostate cancer treatments

** As of last close, stock down 34% YTD

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