Two Pharmacia Drugs Facing Problems

It's been a couple of tough days for Pharmacia(PHA Quote).

Late Friday, the pharmaceutical giant said it had received a "not approvable" letter from the U.S. Food and Drug Administration for Vestra, the company's investigational anti-depressant drug.

No reason was given for the rejection of Vestra's application, which was first submitted to the FDA in April 1998. Pharmacia said the FDA has agreed to convene an advisory committee meeting of outside experts later this year to review the drug. Vestra is already approved in 50 countries. ...