Novo Nordisk shares tumble on drug review setback
Novo Nordisk tumbles in premarket as US regulators seek more data on potential diabetes drugs
NEW YORK (AP) -- Shares of Novo Nordisk are sinking in premarket trading after the Danish drugmaker said U.S. regulators want more data before they can finish their review of two long-acting insulin drugs to treat diabetes.
The company said Sunday the Food and Drug Administration requested information from a study that looks at cardiovascular health before it can finish reviewing Tresiba and Ryzodeg, which both use the insulin degludec.
Novo Nordisk says it was disappointed by the decision. The company plans to provide the requested data, but it probably will not be able to do that this year.
U.S.-traded shares of Novo Nordisk tumbled more than 12 percent to $168.90 in premarket trading Monday.
Demand for diabetes drugs is climbing as rising instances of obesity are causing an explosion of diabetes cases globally.
