(Reuters) -AbbVie said on Monday its experimental schizophrenia drug failed to meet the main goal of two mid-stage trials, sending its shares down more than 11% in premarket trading.
The drug, emraclidine, failed to show a statistically significant improvement on a widely used scale for measuring symptom severity of schizophrenia.
AbbVie had acquired the drug through a $8.7 billion takeover of Cerevel Therapeutics last year.
Shares of Bristol Myers, which received U.S. approval for a new type of schizophrenia treatment in September, surged 13% to $61.10 in premarket trading.
(Reporting by Puyaan Singh in Bengaluru; Editing by Shinjini Ganguli)
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