Amylin, Alkermes Fall After Bydureon Fails in Diabetes Test
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Amylin Pharmaceuticals Inc. and Alkermes Inc. plunged after the companies’ diabetes drug Bydureon didn’t control the disease better than Novo Nordisk A/S’ Victoza in a study.
The shares of San Diego-based Amylin fell 25 percent, or $3.81, to $11.20 at 4 p.m. New York time in Nasdaq Stock Market composite trading, while Waltham, Massachusetts-based Alkermes declined 11 percent, or $1.54, to $12.56, the worst day for both stocks since October. Bydureon marketing partner Eli Lilly & Co., based in Indianapolis, rose 11 cents to $34.39 in New York Stock Exchange composite trading.