STOCKS NEWS EUROPE-Merck down on cladribine filing refusal

Shares in Merck KGaA (MRCG.DE) fall 4.2 percent, making them the sharpest decliners among German largecaps .GDAXI, as U.S. drug regulators hold up an application from the drugmaker to bring its multiple sclerosis (MS) pill cladribine to the market. "This will certainly delay market entry and the amount of time will depend on the full nature of the required actions, which is not yet known to us," say DZ Bank analysts Elmar Kraus and Thomas Maul in a note to clients

"The time advantage Merck had over its main competitor in that field, Novartis (NOVN.VX) should now be gone. A negative share price reaction (should be) expected for Merck," they add.

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