Safety fears wipe billions off drug shares
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More than $31bn (Â£16bn) was yesterday knocked off the value of Pfizer, the world&#39;s largest pharmaceutical company and maker of Viagra, after doubts surfaced over the safety of one of its key drugs.
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Business & money: Europe's largest drugmaker blames safety concerns over its Avandia diabetes pill
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Shares of large US and European drug makers fell on Thursday after a prominent cardiologist questioned the safety of new arthritis drugs and the performance of US regulators in monitoring drug safety.
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Investors are wary of putting money  into beaten-down generic-drug stocks amid continued fears of  price competition in the sector and new obstacles from  brand-name drug makers.
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Merck & Co Inc. Thursday pulled its  arthritis drug Vioxx off the market because it increases the  risk of heart attack and stroke, a move that sent its shares  plunging, erasing $25 billion of its market value.
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The biopharma announces a dramatic shift following the failure of its lead drug.
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Shares in Pfizer Inc fell 11 percent in Europe on Monday after the world's biggest drugmaker scrapped development of its most important experimental medicine.
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The arthritis drug Vioxx, used by  millions of people around the world, is being pulled off the  market after a study confirmed long-standing concerns that it  raises the risk of heart attack and stroke, the manufacturer,  Merck & Co. MRK.N, said on Thursday.
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Shares in Pfizer Inc  fell 12 percent in Europe on Monday after the world's biggest drugmaker scrapped development of its most important experimental medicine.
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NEW YORK/LONDON  - Shares of Pfizer Inc.  fell 15.6 percent in opening trade on Monday, wiping out nearly $30 billion of market value, after the world's biggest drugmaker scrapped development of its most important experimental medicine.
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The discontinuation of Exubera, an inhaled insulin, is another black eye for Pfizer, the worldâs biggest drug company, which has sustained a series of recent reversals.
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Risk is knocking Big Pharma stocks down. They won't be getting up anytime soon.
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The removal of the painkiller from the market served as a reminder that new drugs sometimes turn out to have unforeseen side effects after a few years of widespread use.
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Drug stocks across the board fell amid renewed safety concerns over a class of blockbuster drugs used to treat arthritis. Preprint articles published on the New England Journal of Medicine&#39;s Web site Wednesday
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The German pharmaceutical giant Bayer is no stranger to health and safety scares. Three years ago, it had to pull its cholesterol-lowering drug Baycol from the market and
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Faced with weak development pipelines that are putting a drag on stock prices, drug manufacturers are retooling the decades-old system of clinical trials to make it faster and cheaper.
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Shares in US drugmaker Pfizer plunge after it halts development of its most important experimental drug.