Moody's Reviewing Eli Lilly For Downgrade After Drug Rejection |
| Wall Street Journal - Oct 20, 2010 |
Moody's Investors Service put Eli Lilly & Co. (LLY) under review for downgrade, following the U.S. Food & Drug Administration's rejection Tuesday of a proposed long-acting version of diabetes drug Byetta.
The regulator's request for more data to examine the effect of high doses of the drug, called Bydureon, on heart rhythms, likely pushes potential approval to 2012. Its approval had been widely expected and would have helped Lilly and development partners Amylin Pharmaceuticals Inc. (AMLN) and Alkermes Inc. (ALKS) get through an upcoming wave of patent expirations for best-sellers.
Lilly faces "significant" patent expirations beginning next year with the antipsychotic Zyprexa, its biggest drug, Moody's said. The ratings company has the company at A1, its fourth-highest rating.
"The Bydureon delay follows several other setbacks for Lilly related to pipeline progress and patent challenges," Moody's Senior Vice President Michael Levesque said.
Read Full Article from Wall Street Journal
- Posted: 2010-10-20 22:12:57
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