NEW YORK (MarketWatch) -- Drug stocks fell fractionally in Friday trading, weighed down by shares of Eli Lilly & Co. and Affymetrix Inc.
The Amex Pharmaceutical Index
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slipped 1.47 points to 342.58 in early trading, while the Amex Biotechnology Index
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declined 4.48 points to 653.87.
Shares of Eli Lilly
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hurt the pharma index -- falling more than 2% at one point in the session -- after the Food & Drug Administration said it wouldn't approve Arxxant, an oral treatment for diabetic eye disease, until it submits additional data.
Lilly said it plans to meet with the FDA to determine whether the request can be satisfied with data from an ongoing study or whether a new study is required.
Affymetrix
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was the leading decliner among biotech index components, dropping as much as 5.1% soon after the opening bell. Late Thursday, Illumina Inc.
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said the U.S. District Court for Delaware issued an order favorable to its defense in a patent infringement suit brought by Affymetrix.
