Pfizer Whiffs Big on Breast Cancer Drug, Ends Trial
Posted on 06/01/2020
New York City-based Pfizer Inc. is an American multinational pharmaceutical corporation. Pfizer shares sold off 8% after disappointing trial results for a breast cancer drug. Pfizer disclosed that its Phase 3 PALLAS Ibrance trial was unlikely to meet endpoint of improving survival rates. The pharma giant is ending the study. According to SWFI data, over the past 16 months, some large sovereign funds and investors have been exiting or slowing down investments in open market purchases in large pharma companies, opting for smaller, promising companies.
According to the American Cancer Society, “Breast cancer is the most common cancer in American women, except for skin cancers. Currently, the average risk of a woman in the United States developing breast cancer sometime in her life is about 13%. This means there is a 1 in 8 chance she will develop breast cancer. This also means there is a 7 in 8 chance she will never have the disease.”