Replimune Plunges After FDA Rejects Skin Cancer Drug Again

Replimune Group Inc. shares plunged after US regulators rejected the company’s skin cancer treatment for a second time, a sign that they are maintaining their tough stance on drug reviews.

Replimune shares fell 58% when trading resumed after New York markets closed, following a halt earlier Friday. The Food and Drug Administration denied Replimune’s medication to treat advanced melanoma, which combined the company’s immunotherapy and another cancer drug.