BioMarin sinks 32% as FDA delays its hemophilia treatment

Wednesday, 19. August 2020 16:23

Shares of BioMarin Pharmaceutical Inc. plunged over 32% on Wednesday after news that the United States Food and Drug Administration (FDA) has delayed the approval of the company's therapy for hemophilia A.

"We are surprised and disappointed that the FDA introduced new expectations for the first time in the Complete Response Letter. We are confident in valoctocogene roxaparvovec gene therapy and its potential to redefine the treatment paradigm for people with hemophilia A," BioMarin's CEO Jean-Jacques Bienaime commented on the FDA's decision.

Following the announcement, stocks of BioMarin sank 32.49% to sell for $80.02 per share at 10:22 am ET.

Related Links: Biomarin Pharmaceutical Inc.
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Breaking the News / ND