Wednesday, March 30, 2011

Bristol-Myers' (BMY) Orencia Fails to Get U.K. Approval

Saying the arthritis drug Orencia isn't a cost-effective alternative to other drugs, the U.K.’s health-cost agency said they don't back the offering by Bristol-Myers Squibb Co. (NYSE:BMY).

Bristol-Myers Squibb Co. failed to win the backing of the U.K.’s health-cost agency for treating moderate to severe rheumatoid arthritis in patients who haven’t responded to one or more disease-modifying drugs.

Orencia, in combination with older medicine methotrexate, isn’t a cost-effective use of National Health Service funds compared with rival treatments, the National Institute for Health and Clinical Excellence said today in an e-mailed statement. The agency already recommends four medicines for second-line use: Abbott Laboratories (NYSE:ABT)’ Humira, Pfizer Inc. (NYSE:PFE)’s Enbrel, Merck & Co.’s (NYSE:MRK) Remicade and UCB SA (UCB)’s Cimzia.

Bristol-Myers closed Tuesday at $26.84, down $0.14, or 0.52 percent.


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