Crazy day for Schering-Plough: Vytorin linked to cancer?
Stock down 10%, then recoups all the losses by midday, then down 15% as Vytorin, an anti-cholesterol agent jointly sold by Merck & Co. and Schering-Plough Corp., failed to show it was effective in stopping progression of a cardiac condition known as aortic stenosis, a partial blockage of the heart's aortic valve, Norwegian researchers said Monday.
Whew . . . what a roller coaster . . .
But there's more:
There were numerically more cancer deaths in the group of patients treated with Vytorin compared with those on a placebo, although the difference could have been statistically due to chance.
Fred immedately could rely on the American Heart Association's president-elect Clyde Yancy who said the latest data on cancer deaths is "an errant signal for now."
The stock market didn't care and put SGP in a tailspin. Again.