UPDATE 3-Merck KGaA hit by Erbitux setback; Q2 results poor
July 24th, 2009
An EU review panel dealt a body blow to Merck KGaA’s ambitions to extend the range of patients for its most promising drug, overshadowing weak earnings from the German pharma-to-chemicals hybrid.
Merck’s shares plummeted 12 percent after advisors to European Union regulators recommended that Erbitux — which the company sees as a potential blockbuster — should not be used to treat lung tumours, the world’s most common form of cancer.