FDA Turns Down Merck’s Bridion and 2 Other Dow Movers to Watch
Merck & Co. (NYSE:MRK): Current price $47.84
On Monday, Merck reported that the FDA declined to approve its drug Bridion, or sugammadex, which is used to reverse the effects of anesthesia following surgery. The firm said that the drug is approved in over 50 countries, but not in the United States. The agency turned the drug down in 2008 due to allergic reactions and bleeding among some patients, and in July it canceled a meeting of experts who were to review Bridion, explaining that it needed more time to settle questions regarding one of the sites used for patient testing. Merck said on Monday that the FDA still has worries about that evaluation, but that it is examining the FDA’s response to its application for the drug.
General Electric Co. (NYSE:GE): Current price $24.24
GE has announced three contracts totaling roughly $2.7 billion with SPE, which is an affiliate of Sonelgaz, Algeria’s national electricity and gas company. GE will provide heavy-duty gas turbine combined-cycle and aeroderivative gas turbine tech for nine power facilities. The addition of close to 9 gigawatts of electricity will help reinforce Algeria’s power sector to help address the growing needs of the country.
Johnson & Johnson (NYSE:JNJ): Current price $89.98
Johnson & Johnson announced Monday that the FDA has expanded its approval of its psoriasis drug Stelara, permitting the company to market Stelara as a treatment for psoriatic arthritis in adults. The condition is a form of arthritis that causes joint pain, stiffness and swelling in patients suffering with psoriasis, and was approved in 2009 as a treatment for the latter. Revenue from the drug increased by 50 percent to $371 million in the second quarter, including $233 million in domestic sales. The new expanded approval could raise sales numbers.