Eli Lilly and Co. said Friday it will stop development of an experimental cancer drug after it failed in a late-stage clinical trial.
The company was studying enzastaurin as a treatment for diffuse large B-cell lymphoma, a cancer that affects a type of white blood cell. Lilly said patients who were treated with enzastaurin did not survive longer than patients treated with a placebo.
The patients had been treated with chemotherapy that included the drug Rituxan, but they were considered at high risk for a relapse.
Lilly said it will stop development of the drug. The company will take a charge of about $30 million in the second quarter, but didn't make changes to its full-year guidance. Lilly said it will present data from the study at future scientific meeting.
Shares of Eli Lilly added 4 cents to $54.60 in afternoon trading.