Eli Lilly halts heart drug study, stock tumbles as much as 9 percent

October 12, 2015 1:43 PM

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Eli Lilly and Co has stopped a late-stage trial of its closely watched cholesterol treatment after the drug proved ineffective, sending its shares as much as 9 percent lower and hitting the stock of Merck & Co Inc, which is developing a similar medicine.

"Today's news is a negative for Lilly and we anticipate that investors will also likely read across negatively for Merck," Evercore ISI analyst Mark Schoenebaum said in a research note.

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