FDA Delays Approval Of Indiplon

Shares of Dov Phamaceuticals (DOVP) plunged more than 50%, falling $4.03 to close at $3.02, after the FDA delayed approval of Neurocrine Bioscience Inc.'s (NBIX) insomnia treatment Indiplon. Dov licenses Indiplon to Neurocrine. Neurocrine stock plummeted $33.87 to close at $20.76. Meanwhile, shares of competitor Sepracor Inc. (SEPR), which makes the sleep aid Lunesta, leaped $6.28 to close at $51.10.