Why Galapagos Stock Is Crashing Today
Shares of Galapagos (NASDAQ: GLPG) were crashing 24.6% lower as of 11:14 a.m. EDT on Wednesday. The big drop came after the biotech's partner, Gilead Sciences (NASDAQ: GILD), announced that it had received a complete response letter (CRL) from the U.S. Food and Drug Administration (FDA) for its regulatory filing for approval of filgotinib in treating rheumatoid arthritis. Gilead teamed up with Galapagos on development of the investigational drug in 2015.
The FDA requested data from the MANTA and MANTA-RAy clinical studies evaluating filgotinib in other indications before completing its review of the regulatory filing for the drug in treating rheumatoid arthritis. Data from these studies won't be available until the first half of 2021.
Image source: Getty Images.
Source Fool.com
