Deals
InterMune’s Surprise Rejection Leads Stock to Plummet
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InterMune Inc.’s application for a potential $1-billion-a-year lung treatment was rejected by U.S. regulators, causing the drugmaker to lose three-quarters of its value in Nasdaq trading.
The Food and Drug Administration asked for a new clinical trial of the medicine, Esbriet, to prove it delays progression of idiopathic pulmonary fibrosis, InterMune said yesterday in a statement. The Brisbane, California-based company plans to meet with the FDA in 60 to 90 days to discuss possible next steps.