Novo Nordisk, the world's largest insulin maker, slumped after the U.S. Food and Drug Administration declined to approve its new-drug applications for insulin
Tresiba and a related product,
Ryzodeg. The FDA requested additional cardiovascular trial data, which Novo Nordisk doesn't expect to be able to provide during 2013.
The setback for Novo Nordisk helped French rival Sanofi SAN.FR +3.40% climb 3.4%, as the two firms have been competing to dominate the insulin market. Additionally, Sanofi announced its intention to purchase a piece of Regeneron Pharmaceuticals Inc.
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