ABBV AbbVie Inc

By Colin Kellaher

AbbVie Inc. (ABBV) on Thursday said it is ending its research-and-development program for Rova-T, the key asset in its $5.8 billion acquisition of Stemcentrx Inc. in 2016, after the investigational antibody-drug conjugate showed no survival benefit in a phase 3 study in advanced small-cell lung cancer.

The North Chicago, Ill., biopharmaceutical company said it will prioritize other development programs within its oncology pipeline.

AbbVie said an independent data monitoring committee recommended terminating the study of Rova-T as a first-line maintenance therapy for advanced small-cell lung cancer due to lack of survival benefit for patients receiving Rova-T compared with placebo.

AbbVie in January recorded a $4 billion impairment charge related to the Stemcentrx deal after it scrapped an earlier phase 3 study evaluating Rova-T as a second-line therapy for advanced small-cell lung cancer.

The company at the time also said it would monitor the remaining $1 billion of Stemcentrx intangible assets for further impairment based on Rova-T clinical development programs.

Small-cell lung cancer is difficult to treat and accounts for 10% to 15% of all lung cancers.

Shares of AbbVie rose less than 1%, to $66.55, in early trading Thursday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 29, 2019 10:09 ET (14:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.