It's Momenta Pharmaceuticals' turn at the Wall Street whipping post as investors respond to the news that the FDA has rejected its generic version of the anti-clotting drug Lovenox, which is made by Sanofi. The company said the FDA's non-approvable letter cited an inadequate look at the drug's possible effects on the immune system. The agency's response is a heavy blow to Momenta, which had been looking for an approval to help gin new revenue for its research work. Its stock crashed in pre-market trading, losing almost half of its value. Momenta's partner, Sandoz, received the rejection letter.
- check out Momenta's release on the rejection
- read the AFX report for more info