Feb. 11 - Shares in Danish drugmaker Novo Nordisk fell by as much as 15%, after it was hit hard by U.S. regulators' demands for further clinical testing of its new long-acting insulin drug Tresiba. Joanna Partridge reports.
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15% is today's daily digit in Europe.
It's how much shares in Novo Nordisk initially tumbled on Monday morning, after US regulators demanded the drugmaker carry out more clinical tests of its insulin drug Tresiba, to assess potential heart risks.
The Danish firm is the world's biggest insulin maker and it's been banking on Tresiba to help it remain the leader in diabetes care, ahead of rivals such as Sanofi.
Novo doesn't expect to be able to provide regulators with the data this year or next.
Most investors expected a green light, as the long-lasting drug has already been approved in Europe and Japan.
Analysts said the extra tests will delay the drug's U.S approval by two to three years.
Novo said the setback would make it harder to meet its long-term financial targets.
It hopes to start talks with the U.S authorities this week about how long the additional heart risk studies would take.
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