An experimental drug that was the centerpiece of a $1.6 billion Eli Lilly acquisition last year has now failed a pivotal test in pancreatic cancer.

Eli Lilly (NYSE: LLY) said Wednesday that patients treated with its drug candidate pegilodecakin, plus chemotherapy, did not live longer than patients treated with chemotherapy alone, falling short of the main goal of a Phase 3 study. The Indianapolis-based drug giant said more detailed data about the clinical trial will be submitted for presentation at a future medical meeting.

Lilly acquired pegilodecakin as part of its 2018 purchase of Redwood City, CA-based Armo BioSciences…. Read more »