|Company Name||Novartis AG|
On August 6, 2019, the U.S. Food and Drug Administration (“FDA”) issued a statement revealing that data submitted in the Company’s biologics license application (“BLA”) for its gene therapy drug, Zolgensma, had been manipulated. Moreover, it stated that the Company “became aware of the issue of the data manipulation that created inaccuracies in their BLA before the FDA approved the product, yet did not inform the FDA until after the product was approved.” Novartis is currently being investigated by the FDA and may be subject to further penalties.
On this news, Novartis’ share price fell $2.50 per share, or nearly 3%, to close at $88.22 on August 6, 2019, thereby injuring investors.
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