By Val Brickates Kennedy
Drug stocks slid into the red early Monday as shares of Biogen
Idec fell on news that another case of brain disease PML had been
discovered in a user of its multiple-sclerosis drug Tysabri.
The NYSE Arca Pharmaceutical Index (DRG) slipped 0.5% to 260.05,
and the NYSE Arca Biotechnology Index (BTK) dipped 1% to
694.02.
Shares of Biogen (BIIB) were off 6% to $46.99.
On Friday, Biogen reported its tenth case of PML since Tysabri
was put back on the market in 2006. It is also the fourth such case
reported since mid-May. One person has died of the disorder since
the relaunch.
In 2005, the drug was taken off the market for several months
after it was linked to PML, a potentially fatal brain disease, in a
handful of Tysabri users.
Tysabri is co-marketed with Elan Corp. (ELN). Shares of Elan
were down 4% to $7.09.
Shares of Sanofi-Aventis (SNY) rose 3% to $28.76 after falling
about 6% Friday.
On Monday, Sanofi once again defended the safety of its
long-acting insulin product Lantus, asserting that clinical trials
have not associated the product with cancer. The European medical
journal Diabetologia over the weekend reportedly questioned whether
there might be a link, and called for more medical research into
the matter.
Shares of Novo Nordisk A/S (NVO) added 1% to $53.33. Novo
Nordisk, which markets a similar product, said Sunday that none of
its long-acting insulin products has ever been linked to
cancer.
-By Val Brickates Kennedy, 415-439-6400;
AskNewswires@dowjones.com