Eli Lilly shares are cratering after the FDA rejected a $1 billion arthritis drug on safety concerns
Shares of Eli Lilly skid after the Food and Drug Administration rejected its drug to treat rheumatoid arthritis.
Shares of Incyte, Lilly's partner on the drug, baricitinib, fall even more.
Analysts believed the treatment would have generated more than $1 billion in sales by 2020 had it been approved.
Shares of Incyte, Lilly's partner on the drug, baricitinib, fell more than 10 percent in premarket trading. Wall Street analysts believed the treatment would have generated more than $1 billion in sales by 2020 if it had been approved, according to Bloomberg data.
Lilly said Friday that the FDA needed additional data to "characterize safety concerns across treatment arms" and to determine "the most appropriate doses."
Christi Shaw, president of Lilly Bio-Medicines, said in a statement: "We will continue to work with the FDA to determine a path forward and ultimately bring baricitinib to patients in the U.S."
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