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 percent to (EURO)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.