Novartis: withdraws European application for Xiidra
(CercleFinance.com) - Novartis has withdrawn its European marketing application for Xiidra, a treatment for the signs and symptoms of dry eye disease, the European Medicines Agency website said on Friday.
In a letter sent to the European Union, Novartis justifies its decision by its inability to answer questions raised by the agency - which questioned the effectiveness of the drug - in a timely manner.
Novartis acquired Xiidra from the Shire lab last year.
Novartis shares were down 0.8% towards the end of Friday's trading session in Zurich.
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