Ipsen loses Midas touch along with $2 billion in market value
Since taking over as chief executive in July 2016, David Meek has overseen a period of near-seamless growth at French drugmaker Ipsen (Euronext: IPN), but he was hit by his first major setback on Friday.
The US Food and Drug Administration (FDA) has placed a partial clinical hold on studies of palovarotene for the chronic treatment of fibrodysplasia ossificans progressiva (FOP) and multiple osteochondromas (MO) in pediatric patients, news that led Ipsen to lose $2 billion in market capitalization in Friday’s trading.
On Friday, shares in Ipsen looked set to close more than 18% down on Thursday’s close, as markets digested the announcement. The hold applies to patients under the age of 14 years who are currently participating in the Phase II and III trials. The FDA is allowing the studies to continue to treat older patients.
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