Allergan Shares Fall After CEO Says Drug Trial Will Be Delayed
Allergan Inc. (AGN), the maker of the Botox wrinkle treatment, fell as much as 14 percent after saying it will delay further study of an experimental drug for age-related macular degeneration. Regeneron Pharmaceuticals Inc., which makes potential rival eye medicine Eylea, surged.
Allergan tumbled 9.1 percent to $103.19 at 11:23 a.m. New York time, after declining to $98 in the biggest intraday drop since November 2008.
David Pyott, the chief executive of Irvine, California- based Allergan, said on a conference call today that current data don’t support taking the medicine into the final stages of trials needed for regulatory approval.
Regeneron jumped as much as 17 percent, and gained 12 percent to $240.79.