Lilly Attention-Deficit Drug Cleared by FDA
Shire Pharmaceuticals' stock drops on the approval.
Eli Lilly
(LLY) - Get Eli Lilly and Company Report
received Food and Drug Administration clearance to sell its attention-deficit hyperactivity treatment, Strattera.
The company hopes to have the drug on the market by January.
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The approval was pressuring shares of
Shire Pharmaceuticals
(SHPGY)
, which sells the hyperactivity treatment Adderall. Lilly's treatment is believed to be less likely to be abused because it isn't a stimulant.
Lilly's shares ended down about 6% at $64 Tuesday after the company said it's cautious about its earnings prospects for 2003. They were about 3% higher at $66 on the Instinet premarket session Wednesday. Shire's shares were off 12% at $20.94.
