Bloomberg reported<\/p>\n Clovis Oncology had the perfect story. Then it went dark.<\/p>\n Clovis had two promising late-stage cancer drugs speeding to market with breakthrough therapy designs\u00a0it owned entirely. Its\u00a0most advanced drug, rocilitenib, for non-small-cell lung cancer, seemed possibly headed for FDA approval this year.\u00a0Goldman Sachs, meanwhile, had anointed Clovis<\/a> a takeover target, music to biotech investors’ ears. Morgan Stanley suggested Amgen might be interested, noting\u00a0how\u00a0few companies had such promising, late-stage assets. Clovis’\u00a0founder-CEO had already managed to get a\u00a0company bought for billions by a rival.<\/p>\n The only questions seemed to be around how soon Clovis’ cancer drug would come to market and how much share it would take from AstraZeneca’s recently approved competitor. It seemed, in the world of biotech, safe.<\/p>\n That made it all the more painful for Clovis investors when its stock price plunged 69 percent in a morning on Monday.<\/p>\n Clovis released data on Monday showing rocilitenib’s\u00a0response rate — the percentage of patients whose cancer\u00a0shrinks or is cleared after getting the drug — was far, far worse than what\u00a0early, unconfirmed data suggested. The response rate plunged from 67 percent to 28 percent for a smaller dose and 35 percent for a larger one. AstraZeneca’s direct competitor\u00a0Tagrisso, approved just last week, has a confirmed response rate about double that.<\/p>\n In other words, rocilitenib\u00a0is, as Bloomberg Intelligence analyst Asthika Goonewardene puts it, “toast.”<\/p>\n You can read Blooomberg’s full gruesome story here.<\/strong><\/a><\/p>\n \u00a0A really good deal. <\/strong><\/span>A “credit card” from Amazon:<\/p>\n Excellent benefits — especially if you’re as addicted to Amazon as much as I am.<\/p>\n![\"Clovis\"](\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2015\/11\/Clovis.jpg\")
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