Jeff Smith 2 p.m., Dec. 5
Amylin Pharmaceuticals Stock Plunging Again on More Bad News on Diabetes Drug
Stock of biotech Amylin Pharmaceuticals is down 23.49 percent today (Aug. 27) to $20.84, the lowest level in three years, as more bad news on its diabetes drug Byetta has been revealed. Those suffering from pancreatitis have died using the drug. After the market closed yesterday, officials of Amylin and its partner on the drug, Eli Lilly, told analysts in a conference call that four more people have died after use of Byetta. On Aug. 18, the Food and Drug Administration advised doctors to discontinue Byetta in patients who exhibit symptoms of pancreatitis. That followed the death of two people. On Aug. 18, the stock dropped 13 percent. Amylin stock has been as high as $51.10 in the last 12 months; biotech stocks generally have done very well during that period. Byetta represented 80 percent of Amylin's revenue last year.