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Merck & Co. said the U.S. Securities and Exchange Commission has started a formal probe into its handling of Vioxx®, the painkiller pulled from the market last September because of its link to heart attacks and strokes. Previously, Merck said the SEC was conducting an informal investigation.
The SEC's decision wasn't unexpected the company said in a recent statement. A formal probe gives the SEC the power to issue subpoenas for documents or testimony.
Merck wouldn't comment on the SEC matter beyond the press release, company spokesman Tony Plohoros said.
The news sent Merck shares down 8.6 percent to $28.50.
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