Amgen Stock Drops on Novartis Heart Drug Trial Setback — SkimNews
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- Novartis's experimental cardiovascular drug suffered a trial setback described by cardiologists as shocking, casting doubt on a multibillion-dollar cholesterol drug race per CNBC and NYT coverage.
- Amgen stock was hit by the Novartis failure, weighing heavily on the Dow according to Barron's, suggesting Amgen and Novartis were competing in the same cardiovascular drug space.
Why it matters: The failed trial undermines confidence in a multibillion-dollar cholesterol drug category where Amgen and Novartis were key competitors, with Amgen shareholders taking the immediate hit on the Dow.
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