Pfizer Stock Topples After FDA Rejects OPKO-Partnered Rare Disease Drug
Pfizer stock skidded Monday after the Food and Drug Administration rejected its rare-disease drug — leading a smaller decline for similarly jilted Merck stock.
The companies received Complete Response Letters, meaning the FDA declined to approve their drugs. Pfizer (PFE) and partner OPKO Health (OPK) aimed to treat growth hormone deficiency in children. Merck (MRK) asked for approval of a chronic cough treatment.
Both companies say they are in talks with the FDA to determine next…