Sanofi, Novo Nordisk lead drug stocks south
BOSTON (MarketWatch) — European drugmakers Sanofi-Aventis and Novo Nordisk A/S led drug stocks south early Friday as the broader market slipped into the red. The NYSE Arca Pharmaceutical Index edged down 0.7% to 260.60 and the NYSE Arca Biotechnology Index eased 0.2% to 694.14. The Dow Jones Industrial Average was down about 20 points. Sanofi slid 5% to $28.70 while Novo Nordisk fell 6% to $49.77 on European reports that an unidentified study had shown long-acting insulin users might have a higher rate of cancer. Both companies have lucrative long-acting insulin franchises.
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