Puma Biotechnology Inc. shares fell Tuesday after the biotech company said it will likely not get a positive result on its European marketing application for a breast cancer treatment. Puma Biotechnology shares dropped 25% to $68 after hours. The company said the Committee for Medicinal Products for Human Use of the European Medicines Agency issued a “negative trend vote” for the drug neratinib to treat early stage HER2-positive breast cancer, meaning it will not likely get approval in a decision scheduled in February, and that additional steps would likely be needed to get a positive approval.
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