GSK Share Price Drops Over 6% After US Panel Rejects Key Cancer Drug

Market Performance

• GSK Share Price fell sharply by 6.4% on Friday, July 18
• The stock was trading at 1,321.26 on the London Stock Exchange
• This drop marks one of the biggest single-day falls for GSK in recent months

Main News: US Regulatory Panel Rejects Blenrep

GSK shares declined after its investigational blood cancer treatment, Blenrep, did not receive approval from a USFDA advisory panel.

• The Oncologic Advisory Committee concluded that the risks outweighed the benefits
• 5-to-3 vote against Blenrep when combined with Velcade (a generic cancer drug)
• 7-to-1 vote against its use with Pomalyst (from Bristol Myers Squibb)
• The panel raised concerns about toxicity and eye-related side effects

Though the committee's vote is non-binding, it may heavily influence the USFDA’s final decision expected on July 23.

Company Details

GlaxoSmithKline Plc, a leading global pharmaceutical company, had high expectations for Blenrep as part of its oncology pipeline.

• The company remains confident in the drug's safety and efficacy
• GSK stated it will cooperate with the USFDA during the ongoing review
• Blenrep was initially approved in the UK earlier this year for use with other oncology medications
• Formal approval from the European Medicines Agency is still awaited

Drug Approval Background

• Blenrep was previously withdrawn in the US and Europe for another group of patients
• The withdrawal came after clinical trials failed to show superiority over existing treatment options

Summary of the Article

The GSK share price saw a steep decline of 6.4% after a USFDA panel rejected the company’s cancer drug Blenrep over safety concerns. Despite the setback, GSK remains committed to its oncology strategy and continues regulatory engagements. The stock remains under pressure as the market awaits the USFDA’s final decision by July 23.