Celgene Halts Crohn's Disease Drug Trials
October 19 2017 - 7:14PM
Dow Jones News
By Maria Armental
Drugmaker Celgene Corp. (CELG) has ended two clinical trials for
a Crohn's disease treatment and halted plans to launch a third,
following a recommendation from a data-monitoring panel.
Shares, up 36% over the past 12 months, fell 5.5%, to $128.50,
in after-hours trading Thursday.
Celgene didn't say what prompted the panel's recommendation,
beyond saying the company was disappointed with the results of one
of the clinical trials that was ended.
"There were no meaningful safety imbalances identified in the
analysis," Celgene said in a statement Thursday.
A treatment in one of the halted trials was also being studied
in an ulcerative colitis trial.
Data-monitoring panels are independent groups of experts in the
disease area being studied that have access to raw data during the
course of testing.
The Summit, N.J., company estimated it would book a
fourth-quarter charge of $300 million to $500 million, or roughly
27 cents a share to 45 cents a share after-tax. While the exact
amount is still being determined, the company said, about half of
that would require cash payments.
Crohn's disease, a chronic disease that causes inflammation and
irritation in the digestive tract, affects about half a million
people in the U.S., according to the U.S. Department of Health and
Human Services.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 19, 2017 18:59 ET (22:59 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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