Orexigen Falls After Halting U.S. Development of Diet Pill
This article is for subscribers only.
Orexigen Therapeutics Inc. slid the most in four months in Nasdaq trading after the drugmaker said it will halt U.S. development of the diet pill Contrave because of uncertainty in the regulatory process.
The La Jolla, California-based company fell $1.06, or 33 percent, to $2.12 at 4 p.m. in Nasdaq Stock Market composite trading. The drop was the biggest decline since a 73 percent plunge on Feb. 1 after the Food and Drug Administration said a large study on heart risks would be required before Contrave could be approved.