Sanofi Yanks Obesity Drug Application

Sanofi-Aventis(SNY Quote) has withdrawn its application for the obesity treatment Zimulti that was filed with U.S. regulators, but it said it will consider resubmitting the drug.

The decision, announced Friday, is a major blow to the company's revenue projections. Still, the action isn't so surprising in light of a demonstrative rejection of the drug by a Food and Drug Administration advisory panel on June 13.

Outside medical advisers to the FDA unanimously voted against the drug, saying Sanofi-Aventis hadn't provided enough safety information. ...