Akzo Nobel NV, the Dutch chemicals and pharmaceuticals maker, surprised investors by saying it may have to delay release of a new drug to treat schizophrenia after getting mixed results in a key trial.
Chief Executive Hans Wijers told journalists in a conference call the company expects results from its phase III trial of the drug asenapine within several weeks.
A phase III trial tests a drug already generally thought to be safe on a large group of people to see whether there are any long-term negative health effects before it goes to market.
Wijers said the company will discuss the results with the U.S. Food and Drug Administration. He said he still expects the drug to "play an important role" in the company's pharmaceutical division Organon, which Akzo plans to spin off next year.
"In our view, this is worrisome news," said analyst Geert-Jan Hoppers of the Dutch investment bank F. Van Lanschot Bankiers. "Most of the value we attribute to Organon's pipeline relates to asenapine."
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