Sanofi's run of bad luck continued Wednesday after the company scrapped a failed breast cancer drug, leading Sanofi stock to crumble.
The French pharmaceutical company will no longer put its might behind amcenestrant, a pill that aims to degrade the estrogen receptor. Sanofi recently tested amcenestrant in combination with Pfizer's breast cancer drug Ibrance in patients with an advanced form of breast cancer.
But an interim analysis suggested the combination would likely fail, and investors hammered Sanofi stock. An independent committee said the combination didn't meet a pre-specified bar when compared to standard drugs. As a result, Sanofi said it's shutting down two studies involving amcenestrant.
"While we are disappointed by this outcome, our research will further the scientific understanding of endocrine therapies in people with breast cancer," Sanofi's global head of research and development, John Reed, said in a written statement.
On today's stock market, Sanofi stock toppled 5.9% to 42.18.
Sanofi Stock Hits A Low Point
The move Wednesday extended recent losses for Sanofi stock.
Last week, shares plummeted ahead of a trial involving heartburn treatment Zantac. Sanofi and others like Pfizer and GSK sold Zantac for brief periods of time during its decades on the market. Now, some users claim the drug led them to develop cancer. Sanofi noted it marketed Zantac for less than three years. Still, Sanofi stock tumbled more than 7% on Aug. 10.
The first trial is set to begin this month in Illinois, though it doesn't involve Sanofi. Other trials will take place this year and next.
Sanofi stock extended those losses Wednesday, nearing its low point from Aug. 11 at 41.91.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
