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Alkermes' diabetes drug fails to get FDA nod

Wed, 10/20/2010 - 11:35am
Mass High Tech: The Journal of New England Technology

Analysts and company officials at Alkermes Inc. have been taken by surprise by a U.S. Food and Drug Administration decision not to approve a drug candidate to treat type 2 diabetes, Bydureon. Last week, in an interview, CEO Richard Pops expressed optimism about the impending FDA decision.

The drug candidate is jointly owned by Waltham-based Alkermes, Indianapolis, Ind.-based Eli Lilly and Co. and San Diego, Calif.-based Amylin Pharmaceuticals Inc. The unexpected decision by the FDA, analysts predict, will drag on all three companies’ stock prices and earnings in the near term.

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