Pfizer and their putative partners Ligand had their application for Oporia (lasofoxifene) rejected by the FDA this week.
Few details are emerging at the moment, but Oporia was supposed to be one of Pfizer's string of billion-dollar drugs - you know, the ones that they need every single one of to meet their growth targets. It's a selective estrogen receptor modulator (SERM) for osteoporosis, a useful therapeutic niche which at present is pretty much owned by Lilly.
Add to this the fact that Ligand are in the middle of some accounting problems (to put the matter delicately) that have led to an SEC investigation and their stock being recently delisted from NASDAQ and one could almost feel sorry for them.
Source: In the pipeline
http://www.corante.com/pipeline/
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