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    Thursday, November 19, 2009

    Allergan, Medicis Lead Drug Stocks Lower

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    By Val Brickates Kennedy
    MarketWatch Pulse
       

      BOSTON -- Allergan Inc. and Medicis Pharmaceutical Corp. led drug stocks lower early Thursday as shares of the dermatology-products makers fell on news that a new bill unveiled by Senate Democrats would levy a 5% excise tax on cosmetic procedures. The NYSE Arca Pharmaceutical Index and the NYSE Arca Biotechnology Index were both down 1.4% at 298.94 and 872.60, respectively. Shares of Allergan were down 3% at $58.15, while shares of Medicis fell over 4% to $22.89.

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