FDA Rejects Merck's Cordaptive
The Food & Drug Administration on Apr. 28 rejected one of Merck's (MRK) biggest hopes for a new blockbuster drug, a cholesterol-lowering medicine call Cordaptive. Analysts who had been predicting that the drug could easily top $1 billion in sales were surprised by the news that the agency sent a "Not Approved" letter to the company. The decision sent Merck shares sinking 10% to 37.33 in afternoon trading Apr. 29 on the New York Stock Exchange.
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