Cephalon shares tank after Sparlon rejection

Cephalon's last bid to gain approval for its ADHD drug Sparlon was rejected by the FDA and the news helped push its shares down 12 percent in early trading. The FDA's formal rejection was heavily influenced by its concern that the drug may have caused a case of Stevens Johnson syndrome, a rare and deadly skin disorder. That same link was enough for an FDA expert committee, which had rejected Sparlon by a vote of 12 to 1. Sparlon is marketed as a therapy for narcolepsy under the brand name of Provigil. Company officials said they were disappointed by the FDA's position, noting that their own experts disagreed with the regulators' conclusion.

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