Ipsen Plunges as FDA Halts Bone Drug Trial in Children on Safety Concerns [Yahoo! Finance News]
IPSEN SA S/ADR (IPSEY)
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Source: Yahoo! Finance News
) -- French drugmaker Ipsen SA had a record plunge after U.S. regulators suspended trials of its experimental treatment for rare bone diseases in patients under 14 on safety concerns. Two trials were put on hold in children after discussions with the Food and Drug ministration, Ipsen said Friday in a statement. The shares fell as much as 24% in Paris, lopping off 2 billion euros $2.2 billion) of market value in the steepest decline since they began trading in 2005. Ipsen acquired the drug, palovarotene, via its $1.3 billion purchase of Clementia Pharmaceuticals Inc. earlier this year. The French company has been under pressure to prepare for competition from cheap generic versions of its lead product, Somatuline, a treatment for hormone-fueled tumors of the stomach and pancreas. “It will be difficult to invest in the name short-term given this uncertainty for a drug which was due to replace numerically Somatuline,” Bryan Garnier’s Eric Le Berrigaud, who rates the stock neutral, said i
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