Bristol-Myers (BMY) Stock Drops 10% in Less than Month as Hepatitis C Drug Proves Dangerous
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Nine patients are hospitalized and one is dead after taking an experimental drug for hepatitis C developed by Bristol-Myers Squibb Company (NYSE: BMY). On Thursday the company announced it had halted development of the drug, aimed at treating lever disease.
"The decision to halt development of BMS-986094 has been guided by our overriding interest in protecting patients," said Elliott Sigal, M.D., Ph.D., Executive Vice President and Chief Scientific Officer, Bristol-Myers Squibb.
Two of the original nine patients remain hospitalized and Bristol continues to monitor the health of over 100 patients who participating in the study. The company also notified nearly 150 others who were part of earlier test.
The drug was originally developed by a company call Inhibitex Inc., which was later acquired by Bristol for $2.5 billion.
As a result of the setback, Bristol-Myers Squibb is taking a non-cash, pre-tax impairment charge of $1.8 billion.
Bristol stock has fallen 9.7 percent since August 1st, when early reports about the drug's potential dangers began to surface. Shares are flat in pre-open trading Friday to $32.18.
"The decision to halt development of BMS-986094 has been guided by our overriding interest in protecting patients," said Elliott Sigal, M.D., Ph.D., Executive Vice President and Chief Scientific Officer, Bristol-Myers Squibb.
Two of the original nine patients remain hospitalized and Bristol continues to monitor the health of over 100 patients who participating in the study. The company also notified nearly 150 others who were part of earlier test.
The drug was originally developed by a company call Inhibitex Inc., which was later acquired by Bristol for $2.5 billion.
As a result of the setback, Bristol-Myers Squibb is taking a non-cash, pre-tax impairment charge of $1.8 billion.
Bristol stock has fallen 9.7 percent since August 1st, when early reports about the drug's potential dangers began to surface. Shares are flat in pre-open trading Friday to $32.18.
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