Shares of Merck & Co., Inc. (NYSE:MRK) ended Friday session in green amid volatile trading. The shares closed up +0.08 points or 0.13% at $62.98 with 7.61 million shares getting traded. Post opening the session at $62.59, the shares hit an intraday low of $62.59 and an intraday high of $63.27 and the price vacillated in this range throughout the day. The company has a market cap of $174.46 billion and the numbers of outstanding shares have been calculated to be 2.77 billion shares.
Merck & Co., Inc. (MRK) on September 2, 2016 announced that it is discontinuing the development of odanacatib, Merck’s investigational cathepsin K inhibitor for osteoporosis, and will not seek regulatory approval for its use. Merck previously reported a numeric imbalance in adjudicated stroke events in the pivotal Phase 3 fracture outcomes study in postmenopausal women. The company has decided to discontinue development after an independent adjudication and analysis of major adverse cardiovascular events confirmed an increased risk of stroke. The data from the analysis will be presented at the American Society for Bone Mineral Research (ASBMR) in September.
“We are disappointed that the overall benefit-risk profile for odanacatib does not support filing or further development,” said Roger M. Perlmutter, M.D., Ph.D., president, Merck Research Laboratories. “We are very thankful to the researchers and patients who participated in the odanacatib clinical development program. We have learned that odanacatib treatment reduces the risk of osteoporotic fractures. At the same time, we believe that the increased risk of stroke in our Phase 3 trial does not support further development.”
Shares of Abbott Laboratories (NYSE:ABT) ended Friday session in red amid volatile trading. The shares closed down -0.21 points or -0.50% at $42.09 with 7.21 million shares getting traded. Post opening the session at $42.36, the shares hit an intraday low of $41.89 and an intraday high of $42.45 and the price vacillated in this range throughout the day. The company has a market cap of $62.28 billion and the numbers of outstanding shares have been calculated to be 1.47 billion shares.
Abbott Laboratories (ABT) announced that it will present at the Wells Fargo 2016 Healthcare Conference on Wednesday, Sept. 7, 2016. Brian Yoor, senior vice president, finance and chief financial officer, will present at 7:45 a.m. Central time.
A live audio webcast will be accessible through Abbott’s Investor Relations website at www.abbottinvestor.com.