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Puma Biotech says cancer drug fails mid-stage study

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Nov 13 (Reuters) - Puma Biotechnology Inc said its cancer drug failed as a primary treatment for breast cancer patients in a mid-stage study, sending its shares down 14 percent in extended trading.

The company said the drug, neratinib, did not significantly improve disease-free survival when given in combination with chemotherapy agent paclitaxel as a primary treatment.

Neratinib, Puma's only drug, was being compared with approved cancer drug trastuzumab.

The company is testing the drug in eight other studies as a treatment for various forms of cancer.

In July, the drug was found effective in improving disease-free survival of breast-cancer patients after primary treatment.

Puma bought the rights to develop neratinib from Pfizer Inc in various forms of cancer in 2011.

Investors and bankers view Puma as one of the likely takeover targets as federal actions against tax inversion deals are expected to push big pharmaceutical companies to buy small companies with promising compounds.

Puma Biotech's founder and Chief Executive Alan Auerbach had also founded cancer drug developer Cougar Biotech which was sold to Johnson & Johnson for about 1 billion in 2009. (http://reut.rs/1yDpDGn)

Puma's shares, which closed at $239.49 on the New York Stock Exchange on Thursday, plunged to $206.02 in extended trading, before bouncing back to $225.

(Reporting by Vidya L Nathan in Bangalore; Editing by Don Sebastian)

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