Pfizer Falls as Arthritis Drug Is Rejected in Europe
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Pfizer Inc., the world’s biggest drugmaker, said its new arthritis pill was rejected by European regulators as not effective enough against the condition.
Pfizer fell less than 1 percent to $30.09 at the close in New York. The New York-based drugmaker said in a statement yesterday that the European Medicines Agency’s Committee for Medicinal Products for Human Use had recommended against approving the sale of its drug, Xeljanz. The pill gained marketing clearance in the U.S. in November.