Gilead HIV Pill Fails
After markets had closed, Gilead said it would reformulate the pill, which combines its Truvada HIV pill with Bristol-Myers Squibb's Sustiva HIV medication. Assuming the reformulation works, Gilead said it believed it could submit on application for the once-a-day combination drug to the Food and Drug Administration by year-end.
Gilead's stock dropped $1.80, or 4.6%, to $37.50 in after-hours trading after having lost a penny in regular trading. Shares of Bristol-Myers Squibb lost 17 cents in regular trading to close at $25.69.
The companies established a U.S. joint venture last December to develop a Truvada-Sustiva pill. Gilead said the first formulation failed because the Sustiva levels measured in patients' blood were too low.Because blood levels of Sustiva in the combination pill were less than those of Sustiva alone, the experimental pill failed to achieve bioequivalence. The companies must meet this standard to convince the FDA to approve the new pill. The companies say a once-a-day combination pill "may help simplify HIV therapy." Gilead's Truvada is, itself, a once-a-day combination drug containing Emtriva and Viread.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV