|Company Name||Eli Lilly|
In August 2020, Eli Lilly began a clinical trial to test whether adding the Company's antibody-based drug, LY-CoV555, to remdesivir would benefit patients diagnosed with COVID-19.
On October 13, 2020, the trial's sponsor, the National Institute of Allergy and Infectious Diseases ("NIAID") recommended that the trial be paused after an analysis of safety data found "an overall difference in clinical status between the group receiving LY-CoV555 and the group receiving saline placebo."
On this news, the Company's stock price fell $4.41, or 2.8%, to close at $150.08 per share on October 13, 2020.
The same day, after the market closed, Reuters reported that U.S. Food and Drug Administration (“FDA”) inspectors “uncovered serious quality control problems” at Eli Lilly’s pharmaceutical plant that will manufacture COVID-19 drugs, including its antibody therapy. The article further stated: “Following its November inspection, the FDA classified the problems as the most serious level of violation, resulting in an ‘Official Action Indicated’ (OAI) notice.” Among other things, the FDA “found that data on the plant’s various manufacturing processes had been deleted and not properly audited.”
On this news, the Company’s share price fell $7.28, or approximately 5%, over four consecutive trading sessions to close at $142.80 per share on October 19, 2020, thereby injuring investors further.
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