Bristol Myers Squibb (BMY)

[chmcnfunds]

Roche's Loss In Bladder Cancer Lifts Astrazeneca and Could Boost Bristol-Myers

James Skinner James Skinner Follow May 10, 2017 5:50 AM EDT

Roche said that Tecentriq did not meet its primary endpoint of demonstrating overall survival in bladder cancer patients when the treatment is compared with chemotherapy in a statement that could provide rival Astrazeneca (AZN) with scope to close the gap between them, as well as a possible boost for Bristol-Myers Squibb (BMY) stock in Wednesday trading.

Roche shares were marked 2.27% lower by late morning in Zurich and changing hands at Sfr 266.5 each against an 0.89% gain of the Stoxx Europe 600 TMI Pharmaceuticals index. AstraZeneca shares were little-changed from their Tuesday close and trading at 4,712 pence each at 10:30 BST in London. Bristol-Myers were indicated 0.56% lower in premarket trading after closing at $55.32 each in New York Tuesday.

Roche secured accelerated approval for Tecentriq in April based on the drug's strong performance combatting tumours, in a move that could have helped the drugmaker to close the gap with Bristol-Myers whose Opdivo won approval back in January.
______________________________________________________
https://www.thestreet.com/story/14127926/2/roche-s-loss-in-bladder-cancer-lifts-astrazeneca-and-could-boost-bristol-myers.html

BMY