Exelixis and Roche were testing a combined late-stage colon cancer therapy and found that although it was safe, it did not improve overall survival, Investor's Business Daily reports.
Here's what you should know.
1. The therapy consisted of Exelixis' Cotellic combined with Roche's Tecentriq.
2. The combination was safe, but ineffective.
3. The failure caused Exelixis stock to slide to a new 11-month low, hitting $18.56 May 10.
4. For Roche, this is the latest of several failed therapies, which is dissuading investors.