Amgen’s stock plunges after safety questions emerge
Amgen, the world’s largest biotech company, recently got defensive after safety questions emerged about two of its largest drugs, which treat anemia in cancer and kidney-failure patients. A black-box warning was placed on those and other anemia drugs on March 9, urging doctors to use the smallest possible dose of the drugs. Amgen previously enjoyed a market capitalization above $80 billion, but its stock plunged wiping out roughly $20 billion in market value.
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