Merck said Tuesday its cholesterol drug Anacetrapib met its primary goal in a study, significantly reducing coronary heart disease.

Shares of the pharmaceutical company spiked more than 3 percent in premarket trade and were last trading about 1.6 percent higher.

Results of the study on 30,000 individuals will be presented on Aug. 29 at a European Society of Cardiology meeting.

Merck 24-hour performance (extended trade)

Source: FactSet

Merck said in a press release that it plans to review the trial results with outside experts and will consider whether to file a new drug application with the U.S. Food and Drug Administration, among other regulatory agencies.

Merck shares are up nearly 12 percent year-to-date. Analysts said this month the results of this study would be the next major catalyst for the Dow Jones Industrial average member.

Source: Investment Cnbc
Merck shares rise after saying cholesterol drug met primary goal in study