Novo Nordisk Fails, Sanofi and Lilly Win
The FDA needs more data to give these diabetes drugs the go-ahead.
Shares of diabetes kingpin Novo Nordisk (NYSE:NVO) are down more than 10% to start the week after a weekend announcement that its new long-acting insulin products, Tresiba and Ryzodeg, were not approved by the Food and Drug Administration. Is this news really worth the $13 billion that investors have lopped off of the company's market cap this morning? In the following video, health care bureau chief Brenton Flynn runs through the story in more detail and discusses why Sanofi (NASDAQ:SNY) and Eli Lilly (NYSE:LLY) are the beneficiaries.