(Reuters) -Bristol Myers Squibb said on Tuesday its drug Cobenfy failed to show a statistically significant difference in a late-stage trial studying it as an add-on treatment for schizophrenia, sending its shares down nearly 7% in after-market trade.
The drug was approved last year, making it the first new type of antipsychotic medicine in decades. Bristol Myers obtained the drug, also known as KarXT, through its $14 billion takeover of Karuna Therapeutics.
In the trial, the drug showed a two-point reduction on a scale that measures the symptom severity of the disease, compared to placebo, at 6 weeks.
At least two analysts, ahead of the results, said they were looking for mid-single-digit or greater improvement on the scale.
The drugmaker will complete a full evaluation of the trial data and intends to present detailed results at an upcoming medical conference.
(Reporting by Sriparna Roy in Bengaluru; Editing by Alan Barona)
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