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Article: Pfizer Gives Pagoclone Back To Indevus; Stock Plummets.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 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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West Coast Editor
Indevus Pharmaceuticals Inc. got its awaited news from partner Pfizer Inc. on pagoclone, the pair's late-stage drug for general anxiety and panic - and the news, at least in Wall Street's view, was bad enough to induce the symptoms pagoclone is designed to cure.
New York-based Pfizer said it is returning all rights to Indevus, whose stock (NASDAQ:IDEV) plummeted Friday, ending at $1.07, down $4.45, or 80.6 percent.
"The market is assuming the drug is worthless and it's undervaluing trospium [Indevus' Phase III incontinence treatment], in my opinion," said Martin Auster, analyst with SunTrust Robinson Humphrey in Atlanta.
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