ARTICLE | Financial News

Bydureon partners fall on delay

October 21, 2010 12:20 AM UTC

Shares of Amylin Pharmaceuticals Inc. (NASDAQ:AMLN), Alkermes Inc. (NASDAQ:ALKS) and Eli Lilly and Co. (NYSE:LLY) fell on Wednesday after the partners reported late Tuesday that FDA issued a second complete response letter for Bydureon exenatide once weekly that could result in a delay of 18 months or more for the Type II diabetes product candidate. The agency requested a thorough QT study of the long-acting release (LAR) formulation of synthetic exendin-4. Amylin plummeted $9.47 (46%) to $11.02 on the day. Alkermes fell $4 (28%) to $10.50. Lilly dropped $1.44 to $36.01. ...