Columbia Labs Falls on U.S. Report Birth Gel Isn’t Effective
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Columbia Laboratories Inc. fell the most in almost five years after U.S. regulators said the company’s progesterone gel to reduce the risk of preterm birth isn’t effective.
Columbia Labs dropped 54 percent to $1.10 at the close in New York, the biggest single-day decline since Feb. 5, 2007. Watson Pharmaceuticals Inc., a partner on the drug, fell 6.8 percent to $57.98, the greatest single-day loss in almost three years.