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News > Companies
FDA rejects Novartis drug
June 18, 2001: 8:26 p.m. ET

FDA refuses to approve Novartis/BMY irritable bowel syndrome treatment
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NEW YORK (CNNfn) - The U.S. Food and Drug Administration failed to approve a Novartis and Bristol-Myers Squibb drug for the treatment of irritable bowel syndrome.

Novartis said Monday the FDA requested more data about IBS treatment Zelnorm. The company said it is considering options, along with Bristol-Myers (BMY: Research, Estimates).

There is currently no effective treatment for IBS, Novartis said.

Dain Rauscher Wessels said in a research note it does not expect Zelnorm to be approved before 2003 if a new study is required and maintained its "neutral" rating on Bristol-Myers.

Shares of Bristol-Myers lost 44 cents to $55.06 Monday. graphic

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.