Novo Nordisk Insulin Fails to Win FDA’s Backing
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Novo Nordisk A/S had the biggest drop in almost four years, losing about $14.2 billion of market value, after U.S. regulators rejected its new insulin.
The Food and Drug Administration demanded a new study to assess the heart risk of taking Novo’s Tresiba, dealing the Danish company a setback in its contest with Sanofi to dominate the diabetes market. Novo’s listed B shares plunged 13 percent to close at 928.50 kroner in Copenhagen, the most since April 3, 2009.