DIABETES DRUG DEBACLE:
The headline: FDA: GlaxoSmithKline's (GSK) Avandia Will Now Come With Most Serious Safety Warning... Is Glaxo (GSK) a Buy as It Deals With Its Own "Vioxx" in Avandia?
CNBC Pharmaceutical Reporter Mike Huckman joins the guys for this conversation.
Mikes says the FDA is announcing on July 30th Avandia will go before an FDA advisory committee. The outcome could be a recommendation for a severe safety warning on the drug.
GlaxoSmithKline Chief Executive JP Garnier spoke with Huckman earlier on CNBC. Garnier wants to reassure patients that Avandia is safe.
Guy Adami says GSK is not a one trick pony and he likes this stock long term.
Pete Najarian is concerned that GSK might not perform well, in the near term.
Huckman adds GSK is partnering with Pozen Inc. (POZN) on a new drug for migraines that some think could be a $1 billion drug.
Huckman also says he thinks Amylin Pharama (AMLN) and Merck (MRK) will likely gain from Glaxo’s pain.
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Trader disclosure: On June 6 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Macke Owns (SWY), (ATVI), Najarian Owns (AAPL), (AMTD), (ERTS), (FMD), (NVDA), (NFI), (PGR); (.VIX), (BIIB), Bolling Owns (NMX), Gold, Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures; Bolling Owns Natural Gas Futures; Bolling Is Short (FXI) And Owns (FXI) Puts; Pete Najarian Is The Co-Founder Of optionmonster.com