Celgene shares drop after Crohn's disease drug trials halted

Celgene Corp.

CELG, -0.88%

shares dropped in the extended session Thursday after the biotech company said it would discontinue two clinical trials for a Crohn’s disease treatment and not start a third. Celgene shares fell 6.2% to $127.55 after hours, following a brief halt. Based on an analysis from a data monitoring committee assessing overall benefit and risk, Celgene said it would discontinue a late-stage clinical trial for the drug GED-0301 to treat Crohn’s disease along with an extension trial. Crohn’s disease is characterized by a chronic inflammation that can run the entirety of the digestive tract. Celgene said it will also not start a third late-stage clinical trial of the drug for Crohn’s disease.

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