Sanofi and Zealand Shares Drop
Sources confirm that the U. S. setback for the diabetes drug has severely hit Sanofi and Zealand.
According to the statements released by the French Drugmaker Sanofi on Thursday, it has decided to presently withdraw its U. S. application for the diabetes treatment lixisenatide. The company officials said that they await the results of the ongoing cardiovascular patient study.
The company's above decision will delay the launch of the drug in the world's biggest market. As an immediate effect of its decision, the position of its shares in the market has fallen down by 1.6 percent. At 0720 GMT, the shares of Sanofi reported down along with a trembling position of its smaller Danish partner Zealand Pharma too, which dropped by 20 percent.
Sanofi look forward at resubmitting its application in 2015. It said that till then the cardiovascular test will be complete. The company's decision is not at all concerned with the safety issues or deficiencies in the new drug application, the officials explained.
Europe government has already approved the selling of Lixisenatide under the brand name Lyxumia. But, Sanofi awaits the full results of the evaluation of lixisenatide in acute coronary syndrome. The new drug will treat the patients with high cardiovascular risk.