Vanlev News Batters Bristol-Myers
Bristol-Myers Squibb (BMY Quote) shares are trading sharply lower after the drug giant said its experimental heart drug Vanlev is not superior to current treatments for patients suffering from congestive heart failure.
Trading was halted in Bristol-Myers Wednesday morning as results of the Vanlev clinical trial were released. Trading resumed just before 12 p.m. EST, with shares down $7.55, or 15%, to $41.10, a four-year low. It closed at $41.08.
Vanlev is the most important drug in Bristol-Myers' pipeline. The company is in desperate need for a new blockbuster drug to make up for several other products that have been ravaged by generic competition. Bristol-Myers' has also been hurt by its troubled partnership with ImClone Systems (IMCL Quote) over cancer drug Erbitux. ...
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