Bristol-Myers And Clovis Will Partner For Cancer Combination Trials

Bristol-Myers Squibb Co. and Clovis Oncology Inc. plan to work together to test a combination of Bristol-Myers' drug Opdivo and Clovis' drug Rubraca in cancer clinical trials. Shares of Clovis were up 2% in premarket trade Monday while Bristol-Myers shares declined 1.1%. The companies said early Monday that they have not disclosed specific terms of the deal. Under the partnership, the two drugs will be tested in late-stage clinical trials for advanced ovarian cancer and advanced breast cancers, and in a mid-stage clinical trial for prostate cancer, all of which are expected to start before the end of the year. Clovis will sponsor and conduct the ovarian cancer study and Bristol-Myers will sponsor and conduct the breast and prostate cancer studies, the companies said. Clovis shares have surged 69.3% over the last three months to $98.02 and Bristol-Myers shares have declined 1.4% to $55.27, compared with a 3.7% rise in the S&P 500 .