Amylin, Lilly, Alkermes Shares Fall on Bydureon Delay
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Amylin Pharmaceuticals Inc., Eli Lilly & Co. and Alkermes Inc. dropped in trading after they were rebuffed a second time in a bid to gain U.S. approval of a once-weekly version of the diabetes drug Byetta.
The Food and Drug Administration “blindsided” the companies late yesterday by calling for a study assessing the heart risks for the new drug Bydureon, said Phil Nadeau, an analyst with Cowen & Co. in New York. Amylin was the biggest loser, plunging $9.46, or 46 percent, to $11.03 at 4 p.m. New York time in Nasdaq Stock Market composite trading, its biggest single-day decline in 12 years.