Celgene late-stage failure drags down biotech indexes

Biotech indexes sagged Friday as Celgene Corp. (NASDAQ:CELG) shed more than $11 billion in market cap following its discontinuation of a Phase III trial of mongersen (GED-0301) to treat Crohn's disease. The company lost $14.63 (11%) to $121.33 on Friday (see BioCentury Extra, Oct. 19).

The BioCentury 100 was off 17.70 to 6,344.86 on Friday. The NASDAQ Biotechnology Index (NBI) dipped 37.32 to 3,472.32; the NYSE Arca Biotechnology Index (BTK) lost 9.41 to 4,243.06; and the iShares NASDAQ Biotechnology ETF (IBB) was off 3.31 to 331.80...