Bristol-Myers Squibb Co said on Thursday its liver cancer drug brivanib failed to meet the primary endpoint in a late-stage clinical trial.
Brivanib failed to meet the main goal of improving overall survival versus placebo in liver cancer patients who failed or are intolerant to sorafenib. Sorafenib is used to treat advanced primary liver cancer.
Bristol-Myers said three other trials, to evaluate brivanib in different liver cancer patient groups, will continue as planned.
"We remain committed to the development of brivanib as a potential treatment option for patients with liver cancer, and the ongoing study investigating brivanib 'first-line' is expected to complete in 2012," senior vice president Brian Daniels said in a statement.
Shares of the company closed at $35.09 (S$45.47) on Thursday on the New York Stock Exchange.