Amylin Strock Plunges 13 Percent As Deaths Reported in Use of its Diabetes Drug
Stock of Amylin Pharmaceuticals plummeted 13 percent today (Aug, 18) to $29.76 as the Food and Drug Administration said it is seeking a stronger warning for the company's Byetta diabetes drug. Last year, the drug accounted for 80 percent of the biotech's revenue. Amylin's partner in the drug is big pharmaceuticals maker Eli Lilly. It was only 3 percent of Lilly's sales last year. The FDA said it had received six more reports of serious pancreatitis among those taking Byetta. Two died. Last October, the agency sent out a warning of 30 Byetta users developing pancreas problems. At that time, Amylin and Lilly agreed to add warnings to the drug's labels. Amylin stock is up 1.65 percent to $30.25 in after-hours trading.
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