Lexicon Pharma Shares Plunge 48% After Sanofi Says It Wants to End Alliance

Date : 07/26/2019 @ 10:02PM
Source : Dow Jones News
Stock : Sanofi (SNY)
Quote : 45.86  0.0 (0.00%) @ 10:14PM
After Hours
Last Trade
Last $ 45.86 ▲ 0.03 (0.07%)

Lexicon Pharma Shares Plunge 48% After Sanofi Says It Wants to End Alliance

Lexicon Pharmaceuticals (NASDAQ:LXRX)
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6 Months : From May 2019 to Nov 2019

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   By Stephen Nakrosis 
 

Shares of pharmaceutical company Lexicon Pharmaceuticals, Inc. (LXRX) are falling in Friday's after-hours market, after the company said it received notice that Sanofi wanted to terminate an alliance around the diabetes treatment Zynquista.

At 5:30 p.m. ET, Lexicon shares had lost 47.98% to trade at $2.96 per share. Over 250,000 shares traded after-hours. The company's shares finished the day's regular trading session with a 1.43% gain, to close at $5.69.

Lexicon said it told Sanofi it considers the "notice invalid and Sanofi to be in breach of contract."

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

July 26, 2019 17:47 ET (21:47 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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