BERLIN (AP) -- Shares of German drug maker Merck have fallen sharply after a regulatory setback to a product the company wants to use to treat multiple sclerosis.
Merck shares fell 9.5 percent at euro63.54 ($84.82) in Frankfurt trading Friday.
The company said a committee of the European Medicines Agency opposed an application for authorization to market Cladribine tablets as a treatment for relapsing-remitting MS, arguing the benefits don't outweigh the risks.
Merck said it was "evaluating all options" to gain EU approval and may request its application be re-examined.
Merck said Cladribine tablets were approved in Australia and Russia and are under regulatory review in other countries including the U.S.
Merck is unrelated to the U.S.'s Merck & Co.
