RPT-BUZZ-Horizon Pharma shares slump, says received subpoena

Mon Feb 29, 2016 12:08pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(Fixes link in third bullet)

** Horizon Pharma PLC among biggest Nasdaq Biotechnology index losers after co says it was served a subpoena in Nov from U.S. Attorney's Office for Southern District of New York regarding its sales and marketing practices

** At its day low, stock had dropped nearly 19 pct, last down 16.4 pct. Has traded double its 30-day moving avg volumes

** In 10-K filing, specialty drugmaker says AG office requesting documents and information related to patient assistance programs and other aspects of its marketing and commercialization activities (1.usa.gov/1WSbIIA)

** Co says cannot predict investigation's length or outcome, but anticipates it may "incur significant costs in connection with the investigation, regardless of the outcome"

** Says inability to implement commercial plans and facilitate adoption of any approved medicines by patients and physicians will have a "material adverse effect" on its business

** Separately, Horizon posted Q4 results above expectations and confirmed its 2016 guidance

** Traders note Horizon subpoena and news around Valeant also weighing on Endo International shares. ENDP currently top S&P 500 faller after co reported its quarterly results

** Stock now off 60 pct from its July highs vs 35 pct decline for the biotech index over same time frame (RM: lance.tupper.tr.com@reuters.net)