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AbbVie stock slammed after disappointing results for cancer drug acquired in $5.8 billion deal

AbbVie Inc.’s $5.8 billion acquisition of biotech unicorn Stemcentrx back in 2016 was an expensive bet on the company’s lead product, small cell lung cancer drug Rova-T, and its therapy’s targeted approach to certain proteins that are highly expressed in the disease.

That bet now looks a whole lot riskier.

Based on the “magnitude of effect across multiple parameters” in new phase 2 trial results and conversations with the Food and Drug Administration, AbbVie won’t try for accelerated approval of Rova-T in one type of small cell lung cancer, the company ABBV, -12.65% said on Thursday.

AbbVie shares tumbled 13.3% in extremely heavy Thursday afternoon trade, putting them on track for the biggest one-day percentage decline since the stock went public in 2012.

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