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Article: Alkermes Left at the Altar as Lilly Kills AIR Program.
- Article from:
- BIOWORLD Today
- Article date:
- March 10, 2008
- Author:
CopyrightCOPYRIGHT 2008 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Donna Young, Washington Editor
Shares of Alkermes Inc. dropped 9.2 percent Friday after the firm confirmed rumors in the market that its partner Eli Lilly and Co. plans to pull out of its deal to develop and commercialize AIR Inhaled Insulin, which currently is in Phase III development for diabetes.
When the market closed with shares of Alkermes (NASDAQ:ALKS) down $1.14, to $11.26, Lilly released a statement confirming the news.
While emphasizing that it had no safety concerns about the product, John Lechleiter, Lilly president and CEO, said the decision came after months of review. It would be "inappropriate," he said, for Lilly to ...