Onyx Pharma (ONXX) off 19% at $36.20 after a lung cancer trial of flagship drug Nexavar is halted because of increased death in patients taking the drug. Data was highly anticipated by investors as lung cancer was seen as key growth driver for Nexavar, which is already approved in more than 60 countries for advanced kidney cancer and in US and Europe for liver cancer. Nexavar was seeking to compete with Genentech's (DNA) Avastin in lung cancer - second most common cancer in US and leading cause of cancer.
Big question is whether this ruling will affect clearance for Kidney and Liver cancer use.
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