One of the most commonly prescribed diabetes drugs in the world, Avandia, is linked to a significant increase in the risk of heart attack, according to a study released today by the New England Journal of Medicine.
Shares of the drug’s manufacturer, GlaxoSmithKline (GSK), took an immediate hit as news of the study leaked this morning. Shares of the British pharmaceutical giant, which also makes the anti-anxiety medication Paxil, have fallen 7.5% so far today and are expected to continue falling. Avandia is one of the company’s biggest money-makers, accounting for $3.2 billion in sales last year, a 25% jump from the year before. Read More…
Filed under: Big Pharma
