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* STOXX 600 down 0.8 pct
* Drugmakers fall as U.S. lawmakers seek price fixing probe
* Richemont among top gainers after results, managementrevamp
* But JC Decaux falls on negative rev growth outlook (Adds details and updates prices at close)
By Kit Rees and Danilo Masoni
LONDON, Nov 4 (Reuters) - European shares slumped on Friday,weighed down by weaker drugmakers after two U.S. lawmakerscalled on federal antitrust regulators to open an investigationinto possible price fixing.
A slew of earnings updates also delivered a mixed picture.
U.S. lawmakers urged an inquiry into whether Sanofi, Eli Lilly, Merck and Novo Nordisk had colluded to set prices for insulin and otherdiabetes drugs. Sanofi and Novo Nordisk were down 1 percent and3.2 percent respectively.
Top faller was Hikma, down 6.8 percent after HSBCcut its price target citing broader market concerns over aseparate U.S. Department of Justice investigation into pricecollusion in the pharma market.
The sector has been hit recently by worries that HillaryClinton could seek tougher pricing regulation if she wins therace for the White House next week.
"A Clinton victory could be unhelpful for health carestocks," Citi analysts said in a strategy note.
The pan-European STOXX 600 index was down 0.8percent at its close, marking its biggest weekly fall sinceFebruary. The index has been hit by growing jitters ahead of theU.S. presidential election on Tuesday and has been trading nearits lowest levels since July.
"As the presidential election race appears to (be) gettingtighter with only a few days left until Americans are going tothe polls, many traders (are) continuing to reduce their riskexposure further, which is also weighing on stocks," MarkusHuber, trader at City of London Markets, said in a note.
Elsewhere market action was driven by earnings updates.
France's Richemont rose 5.2 percent after the luxurygoods group announced a management revamp in the wake of a dropin net profit in the six months to September, driven by one-offrestructuring charges and product buy-backs.
Helvea analyst Andreas von Arx said the key figures wereabove expectations while other analysts welcomed managementcomments that sales in October were modestly positive. Thecompany had issued a profit warning in September.
Among outstanding gainers, Ubisoft soared 8.6percent to top the STOXX 600, as Kepler Cheuvreux upgraded theFrench game developer to "buy" after the company lifted itsoperating profit target.
Shares were boosted at Cosmetics giant L'Oreal,whose sales growth beat expectations, and gambling firm PaddyPower, which lifted its full-year profit forecast citinga boost in the sterling value of its euro revenue, as well asthis year's merger and favourable sporting results.
But French outdoor advertising company JC Decaux fell nearly 10 percent after it said organic revenue growthwould turn negative in the final quarter of the year and affectmargins. (Reporting by Kit Rees; editing by Mark Heinrich)
