Shares of Neurocrine Biosciences were hammered in overnight trading after the FDA announced that only the two lower doses of the sleep drug indiplon were approvable. A 15-milligram dose of indiplon could not be approved at this time. The news caused investors--who were looking for a clean sweep--to hit the "sell" button, sending Neurocrine stock down by almost half. Neurocrine plans to discuss matters with the FDA to see what's needed for full approval. Pfizer has the license to sell indiplon and has a deal to pay Neuroscience a milestone of $109 million on FDA approval. "While we are disappointed in the FDA action, we will move forward expeditiously to address FDA's outstanding questions regarding the applications," said Gary A. Lyons, president and CEO of Neurocrine.
- here's the AP report on Neurocrine