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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