Merck announced Thursday it was immediately withdrawing Vioxx, its widely used arthritis and pain reliever, after a clinical study identified an elevated risk of cardiovascular events in patients taking the drug.
The medication had been sold in more than 80 countries and generated $2.5 billion in sales during 2003.
Chairman Raymond Gilmartin said the decision reflected patient safety concerns and the availability of alternative treatments. Merck acknowledged it could have continued marketing Vioxx under revised labeling but concluded a voluntary withdrawal was the responsible course.
The company notified the U.S. Food and Drug Administration and regulatory counterparts in other countries, and began informing physicians in all markets where Vioxx was sold. Patients currently taking the drug were advised to consult their doctors about stopping use and exploring alternative therapies.
Merck shares dropped 19 percent in pre-market trading, falling more than $8 to $36.68.
Historical summary. TurkishPress restated this AFP wire report, first published in September 2004, in its own words.