Tuesday, April 29, 2008

Merck hit hard by cholesterol drug rejection

Go to Reuters original
NEW YORK (Reuters) - Confidence in Merck & Co's (MRK.N: Quote, Profile, Research) earnings prospects withered on Tuesday, along with its stock price, after U.S. regulators surprisingly rejected the drugmaker's treatment to raise levels of "good" HDL cholesterol.

Shares of Merck, already battered by a failed trial earlier this year of its blockbuster Vytorin cholesterol drug, were swept as much as 10.8 percent lower in morning trading on Tuesday. They are down 36 percent for the year.


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