Moderna shares surge on melanoma vaccine breakthrough

Moderna shares soared by as much as 150% on Wednesday after the company and Merck announced positive late-stage trial results for a personalized mRNA melanoma vaccine, marking a major breakthrough in skin cancer treatment.

The trial met its primary goal of reducing melanoma recurrences with the vaccine combination, while also slowing cancer spread, the companies said on Wednesday. The study, the first positive late-stage trial for any mRNA-based cancer therapy, provides strong evidence that the technology can succeed beyond COVID-19 vaccines. The trial remains ongoing to assess whether patients who get the vaccine get to live longer.

In January, the companies announced mid-stage trial results showing the treatment reduced the risk of recurrence or death by 49% after five years, according to Reuters.

Melanoma, the most serious form of skin cancer, affects roughly 112,000 Americans annually and kills about 8,500, according to the American Cancer Society. In 2023, there were more than 1.5 million people in the U.S. living with melanoma.

The companies will likely start talking to regulatory agencies about the treatment and its safety in the next few months, according to Dr. Dean Li, the president of Merck Research Laboratories, speaking to CNBC’s ‘Squawk Box.’

This is a developing story. Check back for updates.