Lung Cancer

Shares in AstraZeneca dive as key cancer drug trial fails

Shares in Anglo-Swedish drugmaker AstraZeneca plunged 16 percent on Thursday after a new lung cancer drug trial did not prove as successful as the company had hoped.

The markets had closely watched the study, known as Mystic, as the company had hoped the drug Imfinzi, would be more effective than chemotherapy. Its failure to meet "endpoints" for progression-free survival is seen as a major setback.

"Despite the outcome of the initial readout, we must be patient as the Mystic trial continues as planned to evaluate overall survival," CEO Pascal Soriot said.

The company's earnings figures for the second quarter were not rosy, either. Revenue fell amid...