Celgene shares plunge as Revlimid hits surprise road block

While Onyx unexpectedly found itself facing a friendly group of supporters during its FDA panel session on carfilzomib, Celgene shocked a number of analysts with the news that it is yanking its European application for Revlimid as a treatment for multiple myeloma in newly diagnosed patients after regulators there passed along the word that they would prefer to wait for more "mature" data. And Celgene ($CELG) says it is reevaluating its plans to submit an application to the FDA on newly diagnosed patients and now expects to file next year. Celgene shares, bolstered by the company's strong performance recently, took a nasty hit. Its stock plunged 13% this morning as analysts hurriedly began to reassess the company's chances on near-term growth considering a delay in expanding the market for Revlimid. Release

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