Merck gets FDA turndown on diabetes med
Merck & Co. Inc. shares MRK, -0.52% fell 1.5% in premarket trade Friday, after the company said it received a Complete Response Letter from the U.S. Food and Drug Administration regarding its application to include data on cardiovascular effects in the prescribing information of medicines using Sitagliptin, a treatment for type 2 diabetes. A CRL is a communication from the FDA that a drug application will not be approved in its current form. Merck said it is reviewing the letter and will discuss its next steps with the FDA. Merck shares have gained 7% in 2017, while the S&P 500SPX, +0.19% has gained 5%.