The drug had been linked with linked with six deaths from pancreatitis, or inflammation of the pancreas. Not good news for Lilly as well who was going to distribute and now the company could be up for sale. BD
(Reuters) - Shares of Amylin Pharmaceuticals Inc lost more than a quarter of their value on Tuesday after the biotech company said U.S. regulators rejected data for an experimental version of its diabetes drug Byetta.
Amylin is developing a long-acting version of the injectable drug, known as exenatide LAR, with Alkermes Inc and Eli Lilly and Co. San Diego-based Amylin last month agreed to supply the drug to distributor Lilly.
The delay would likely put the Amylin drug on the market around the same time as other long-acting diabetes drugs from Lilly and Roche Holding AG, and about two years behind Novo Nordisk's once-daily liraglutide, he said in a research note.
Exenatide LAR uses technology from Alkermes that allows the drug to be released over the course of one week. Byetta currently must be injected twice a day.The FDA rejection follows an SEC filing on Monday by Eastbourne Capital, which owned a 12.5 percent stake in Amylin as of late August, saying it intends to hold discussions on ways to improve shareholder value, including the possible sale of the biotechnology company.
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