Genzyme shares took a nasty hit after researchers announced that its once promising diarrhea drug tolevamer failed to prove superior to standard therapy in a late-stage trial. The drug proved well tolerated and safe, but not as effective as vancomycin. The news triggered a 5 percent decline in the company's stock price.
"These are disappointing results that alter our expectations about the potential for commercializing tolevamer in the near future," said Henri A. Termeer, chairman and chief executive of Genzyme.
- see Genzyme's release
- read the AP report on the trial data