Shanghai Allist shares slide after U.S. partner’s lung cancer drug trial fails

Shanghai Allist Pharmaceuticals' shares plummeted 20% to the daily limit on Thursday following its U.S. partner Arrivent Biopharma's announcement that a late-stage lung cancer drug trial failed to meet its primary objective. The Shanghai-listed firm's stock slid to a low of 89.26 yuan by 05:07 GMT, marking its lowest point since June 24.

Arrivent disclosed on Tuesday that the Phase 3 FURVENT trial, which assessed a new lung cancer drug called firmonertinib, did not demonstrate a statistically significant improvement in progression-free survival among patients with non-small cell lung cancer carrying specific EGFR gene mutations. The median progression-free survival for the 240 mg dose was 11 months, compared to 9.5 months for standard chemotherapy, with a hazard ratio of 0.75 and a p-value of 0.0654.

Although the drug showed some positive effects on secondary measures, overall survival data remained inconclusive. Importantly, Arrivent found no new safety concerns associated with the drug.