12/19/2012 06:38 EST | Updated 02/18/2013 05:12 EST

Germany's Merck says trial for lung cancer drug fails to improve survival rates

BERLIN - German pharmaceutical company Merck KgaA says a late stage trial of a new lung cancer drug has failed to meet expectations.

The company, based in Darmstadt, says the drug Stimuvax did not improve the overall survival of patients in the phase III study.

Merck shares fell 3.1 per cent to €98.20 ($129.41) after the announcement early Wednesday.

The company is a separate entity from Merck & Co., which is based in the U.S.