Pfizer ditches cholesterol drug development over lack of commercial potential

Pfizer pulled the plug on the development of a cholesterol-lowering drug called bococizumab, citing a lack of commercial potential, reports Bloomberg Gadfly.

Pfizer said the decision was partly fueled by clinical studies showing a decrease in bococizumab's efficacy, along with other unfavorable side effects, according to a company news release.

Tight market competition for this class of drugs may have also motivated the company's decision, as Amgen's drug Repatha and Sanofi-Regeneron's Praluent are already on the market, Bloomberg Gadfly reports.

Pfizer estimates the cancellation of the bococizumab development program will negatively impact the company by about 4 cents per share. The drugmaker will record this loss as a research and development charge in the fourth quarter of 2016, according to the news release.

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