Merck KGaA MS Pill Rejected by European Drug Agency
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European regulators rejected Merck KGaA’s multiple sclerosis pill cladribine, the second setback this week for the German drugmaker in the race with Novartis AG for a share of a new market.
The European Medicines Agency found the medicine’s benefits don’t outweigh the risks, Darmstadt, Germany-based Merck said in a statement today. Merck is weighing an appeal and still believes cladribine has the potential to generate $1 billion in revenue a year, said Elmar Schnee, head of the company’s drug unit, in a telephone interview. The stock dropped the most in more than a year.