ImmunoGen Inc.’s failure to win an accelerated U.S. review for its cancer drug sent shares down the most in eight years, and may signal delays for biotechnology companies led by Onyx Pharmaceuticals Inc., analysts say.
ImmunoGen shares plunged 36 percent to $5.36 at 2 p.m. New York time in Nasdaq Stock Market composite trading after the Food and Drug Administration rejected a request from its partner Roche Holding AG to consider clearing the breast-cancer drug trastuzumab-DM1 based on results from mid-stage human trials.
ImmunoGen Cancer-Drug Setback May Signal Delays for Onyx, Seattle Genetics
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