By Josh Beckerman
Exelixis said a Phase 3 drug trial evaluating the combination of cobimetinib and atezolizumab to treat melanoma didn't meet its primary endpoint of progression-free survival.
Exelixis discovered cobimetinib, which was approved in the U.S. in 2015 and is co-promoted by Roche Holding Genentech unit. Atezolizumab was developed by Genentech.
The safety profile observed in the IMspire170 trial was consistent with the known safety profiles of the individual drugs, Exelixis said.
Genentech, the sponsor of the trial, plans to present results at an upcoming medical meeting.
Exelixis shares fell 6.5% to $19.77 after hours.
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