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Merck shares breaks

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HB FRANKFURT. A setback in the approval of a drug quenched to the shareholders of the pharmaceutical company Merck. The in the Dax listed papers dropped by eight percent. " The expectations of the drug were very high, so the disappointment should now be all the greater, " said one trader.

According to Merck , an expert committee of the European Medicines Agency EMA negative opinion on the application for marketing approval of the Multiple Sclerosis tablet is given cladribine. The committee had come to the view that on the basis of currently available data , the risks of the drug outweigh the benefits.

"We are disappointed but still convinced of the potential of cladribine tablets, " said Elmar Schnee, President of Merck Serono. The Group will consider all options , including an objection to the drug provide to still can .

"The approval of the drug in Europe it has become very unlikely, " says the other hand, Carsten Kunold , analyst at private bank Merck Finck & Co. His rating and target price for the stock put , the analyst "under observation ".

First approvals for the tablets , Merck in July 2010 received in Russia and in September in Australia. Even in the U.S. currently a fast-track approval process runs for the oral cladribine, which result in the fourth quarter of 2010 is expected. In another 40 countries, Merck has filed of the tablets for approval . They could according to estimates by analysts as the biggest growth driver for Merck with a turnover in the billions.

The Commerzbank has the classification a "hold "to leave with a target price of 71 euros . It values the news as negative , an analyst Volker Braun wrote in a study on Friday. While Merck got even with the recent capital market events expressed caution about a possible approval of the tablet. Nevertheless, if the whole thing a disappointment, because Merck had gone only a limited admission . He anticipated that many analysts cladribine now exclude from their valuation models and potentially even the entire pipeline from Merck in question.