Biogen Falling On Novartis Approval

Shares of Biogen Idec Inc. BIIB are getting hit hard today after Swiss drug maker Novartis AG NVS said it received U.S. regulatory approval for the multiple-sclerosis drug Gilenya. The new drug is a pill, as opposed to injection, making it easier to administer to patients. Biogen's Avonex drug is an injection, and thus the new MS drug could potentially eat away at market share of Avonex. Shares of BIIB are down over 5% to $55.01, a loss of $3.22, while NVS was losing 23 cents to $56.23 in early Wednesday trade.