Shares Up Sharply for Drug Maker Merck

BERLIN – Shares of German drug maker Merck KGaA climbed sharply on Tuesday after the company released successful new study results for its cancer drug Erbitux.

Merck shares were up more than 5.7 percent at 97.56 euros ($134.52) in afternoon Frankfurt trading.

The company said the phase III study, carried out on patients with advanced non-small cell lung cancer, showed that when Erbitux was combined with chemotherapy, it led to increased overall survival rates compared with when chemotherapy was used alone.

Erbitux is already among Darmstadt-based Merck’s top-selling products, and the study results appeared to strengthen its prospects.

“Non-small cell lung cancer that has spread from the primary site is extremely difficult to treat so we are delighted with these results,” said Wolfgang Wein, the company’s senior executive vice president for oncology.

Merck bought the licensing rights for Erbitux outside the U.S. and Canada from ImClone Systems Inc. in 1998.