FDA Refuses to Approve Novartis' $9.7 Billion Cholesterol Drug for Now

On Friday afternoon, Novartis (NYSE:NVS) gave investors some bad news regarding an experimental treatment the pharma giant bought for around $9.7 billion last December. Instead of issuing an approval decision for inclisiran, the FDA sent Novartis a complete response letter (CRL) due to an unresolved facility inspection issue.