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Horizon Pharma Shares Fall as Drugs Added to Exclusion List

Horizon Pharma shares were recently trading at $9.20, down 34%, cutting the company's market value to about $680 million.

The exclusion of a medication from an insurer's covered-drug list, or formulary, leaves a higher portion of drug costs with patients that don't switch to other less costly alternatives.

The drugs—Duexis and Vimovo—accounted for 92% of Horizon's net sales during the...