Denmark's Novo Nordisk A/S (NVO) Accepts $90,000 Fine For Late Disclosure Of Drug Setback
8/18/2014 9:48:33 AM
Aug 18 (Reuters) - Novo Nordisk A/S said on Monday it had accepted a near $90,000 fine from Danish regulators for failing to inform investors quickly enough that a drug it had hoped would become its next growth driver had been refused U.S. approval.
The news that the Food and Drug Administration (FDA) had rejected Tresiba, a treatment for diabetes, and a related combination drug called Ryzodeg, was a major blow to Novo Nordisk and surprised investors expecting a green light.
Novo had issued a statement to investors on Sunday Feb. 10, 2013, having been told of the FDA ruling on the previous Friday. Its shares plummeted by as much as 17 percent the following Monday, their biggest daily decline since 2002.
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