Spanish biotech Oryzon slumps as Roche ditches cancer drug

(Reuters) – Shares in Spanish biotech company Oryzon Genomics plunged 30 percent on Thursday after Swiss drugmaker Roche pulled out of a deal to develop its leading experimental drug for leukemia and lung cancer.

Oryzon said Roche had decided to ditch the epigenetic drug ORY-1001, which is in early-stage clinical trials, due “portfolio prioritization” rather than any issues with the data.

“During the next weeks, Oryzon will focus its efforts to regain the control of the asset as soon as possible to ensure the continuation of the clinical development plan without interruptions,” Oryzon Chief Executive Carlos Buesa said.

Reporting by Ben Hirschler; Editing by Edmund Blair