Looking beyond the spin of Big Pharma PR. But encouraging gossip. Come in and confide, you know you want to! “I’ll publish right or wrong. Fools are my theme, let satire be my song.”
Tuesday, October 05, 2010
Clinical trials, ain't they a bitch - Novartis sees $590 Million charge
Novartis AG is stopping development of two experimental medicines, a decision that will result in charges of about $590 million in charges in the third quarter.
Novartis is halting work on albinterferon alfa-2b for use in chronic hepatitis C and Mycograb, an antifungal agent being tested for use in invasive candidiasis, the company said today in a statement.
Novartis and partner Human Genome Sciences Inc. decided to stop development of albinterferon alfa-2b after discussions with European and U.S. regulators and due to new data from a mid- stage study, Novartis said. Related charges will be about $230 million, the company said. Novartis didn’t give details about its decision to stop studying Mycograb, though it said it expects charges of about $360 million.
These charges will be partially offset by a gain of about $390 million because of the sale last month of the overactive bladder treatment Enablex to Warner Chilcott Plc, Novartis said. This will be recognized in the fourth quarter, the company said.