Alkermes' diabetes drug fails to get FDA nod
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.