Cephalon Drug May Be Delayed

Cephalon's (CEPH Quote) shares slipped Thursday after the company said there might be a regulatory delay for its sleep-disorder drug Nuvigil.

Though the Food and Drug Administration is supposed to act by year end, the decision could be pushed back. The hold up isn't related to safety or effectiveness, but instead relates to negotiations on the wording of the label.

Cephalon said it's collecting extra information sought by the FDA and will submit it "within the next few weeks." Company executives said they were pleased with their discussions with the FDA even as the stock closed at $73.81, down $1.06, or 1.4%. The shares dropped as low as $73.03. ...