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Novo stock took a plunge Monday morning, dropping 16 per cent on opening, but recovering slightly an hour later to hover around -12 per cent following the US Food and Drug Administration’s decision to hold off on approving two new insulin products.
“..the FDA requests additional cardiovascular data from a dedicated cardiovascular outcomes trial before the review of the New Drug Applications can be completed,” Novo Nordisk said in a stock exchange announcement, adding that it did not expect to be able to provide the requested data during 2013.
