Shares of Regeneron Pharmaceuticals Inc. REGN, +2.66% were down 0.1% in premarket trading on Friday after the company and Sanofi SNY, -0.23% said they will no longer seek Food and Drug Administration approval for Libtaya as a second-line treatment for cervical cancer. The therapy is currently approved to treat two forms of skin cancer and a type of lung cancer. The companies said they made the decision to withdraw the application for Libtaya because they were not able to “align” on post-marketing studies with the FDA; however, they said they are continuing to have discussions with regulators in other parts of the world. Regeneron’s stock has gained 20.4% and Sanofi shares are up 11.1% over the past year, while the broader S&P 500 SPX, +2.43% is up 15.3%
