Merck plunges
Posted on April 29, 2008
Filed Under Business |
Stock in drugmaker Merck & Co. plunged as analysts warned investors Tuesday to expect lower revenues and share prices, a day after the Food & Drug Administration rejected an experimental Merck drug for the second time in four days.
Monday’s rejection of Cordaptive, which Merck had touted as a key drug to energize its cholesterol franchise, was unexpected and the reasons remained unclear, analysts said. Merck gave little detail, but said it plans to submit additional data on the drug to the FDA
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