Shares of Eli Lilly closed down more than 4 percent Monday after the Food and Drug Administration rejected its drug to treat rheumatoid arthritis.
Shares of Incyte, Lilly’s partner on the drug, baricitinib, closed down nearly 11 percent. Wall Street analysts believed the treatment would have generated more than $1 billion in sales by 2020 if it had been approved, according to Bloomberg data.
Lilly said Friday that the FDA needed additional data to “characterize safety concerns across treatment arms” and to determine “the most appropriate doses.
