AstraZeneca down a notch on negative panel vote

AstraZeneca (LSE: AZN, OMXS: AZN, NYSE: AZN) is down 1.5% in an upward trending market because FDA advisory panel voted against the approval of dapagliflozin in type 2 diabetes mellitus 6 votes to 9. Dapagliflozin is jointly developed by Bristol-Myers Squibb (NYSE: BMY) and AstraZeneca. FDA panel wants to see more data although they weren’t unanimous on wether it should be done pre- or post-approval. FDA is not bound by the panel’s recommendation but takes it into account in approval decisions.