June 21, 2012 at 10:33 AM EDT
Celgene Withdraws Drug Applications; Shares Fall 12%
Celgene shares tumbled early Thursday after the drugmaker said it's withdrawing its submission in Europe for a new indication for its drug Revlimid, which treats the blood cancer multiple myeloma. Celgene was seeking permission to use the drug to treat newly diagnosed multiple myeloma patients who have not progressed after initial treatments with some other drugs, or to serve as maintenance therapy following stem cell transplants. The company said
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