On the face of the FDA's "not approvable" letter alone, the punishment meted out to Alkermes' stock seems unfair.

FORBES: Alkermes' Unjust Punishment

In June, the FDA had sent the company a "not approvable" letter regarding Zelnorm, saying that further studies would need to be conducted before it could be approved.

FORBES: Magazine Article

But, according to Wyeth, the FDA said in a "not approvable" letter to the company that the drug is not effective enough to be used in patients who need short-term treatment.

FORBES