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May 27, 2012
AstraZeneca abandons diabetes drug
Published: 4 May 06 10:07 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/3720/20060504/
Anglo-Swedish pharmaceutical giant AstraZeneca has announced it is abandoning development of its Galida diabetes product amid fears that it could cause kidney damage.
- AstraZeneca job cuts hit Södertälje hard (2 Feb 12)
- AstraZeneca heart drug given US approval (21 Jul 11)
- AstraZeneca payout resolves US tax dispute (28 Mar 11)
AstraZeneca's Swedish information manager Staffan Ternby said that the company has taken the decision because "we have found it difficult to interpret the effects [of the drug] on the kidneys."
The company's CEO David Brennan said the decision to discontinue development of the drug was "disappointing."
“We remain committed to further strengthening AstraZeneca’s pipeline of new medicines both from our own research efforts and through the continued pursuit of external opportunities to enhance our business,” he added.
A London-based dealer told the AFX financial news agency that sales of Galida had been expected to peak at $1.1 billion and therefore accounted for around 26 pence per share.
As a result, he expected AstraZeneca shares, which are listed in London to fall around 2 pct on today's news.
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