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.