This is very bad. The reason they pulled their application is because they know bad news was coming, and rather than waiting for it to be released in the EU findings, they pull the app to bury it. They do not want the DEA to get a hold of this information. Yes, pulling this application was a strategic move, but it's not the positive spin Arniacs are trying to make of it.
They said the items that could not be resolved before rendering a decision were not medical in nature so they avoided getting a delayed response. The items in question have nothing to do with DEA so stop making this a big deal. All around the market you see bad earnings and a nominal 15% to 20% cut in price. Just look at AAPL a few weeks ago. The sky was falling when they dropped below $400. Over the last week when they are no longer in the news, they have been raising slowly once again. We will too but we need the shorts the shorts to shift their interests to another stock. Just relax, buy more if you can and wait. I guess you see DEA dropping us down to schedule III as well which will shave another 20%.
You are spot on. It was a preemptive move by ARNA to prevent formal rejection by CHMP. They are trying to sugar coat it but it is very, very bad news. Even if it can be corrected with a study, that will take at least a year with additional costs which ARNA is responsible for, not EISAI.
One of the worst CC by ARNA. Never saw this one coming. They should have released the information about EU application after OA. Just plain #$%$ management and extremely poor communication. JMO