The Problem With Lilly is the Problem With Pharma
Eli Lilly announced its closely watched late-stage trial for solanezumab, an experimental Alzheimer’s disease treatment, failed Wednesday morning. Lilly said in a statement the company won’t be pursuing regulatory approval for the drug and will take a $150 million charge against fourth-quarter earnings. In response, shares fell 11% in morning trading. Rivals with similar drugs in their research pipelines also sold off sharply.
That wasn’t even the full extent of bad news for the sector. Upstart biotech Juno Therapeutics announced the Food and Drug Administrationplaced its lead cancer treatment program on holdafter two patients treated with its experimental drug recently died—the second regulatory halt since the summer for Juno. The stock plunged 30%.
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