Novartis Takes $120 Million Hit From Failed Drug Trial
From Associated Press (November 11, 2010)
GENEVA -- Swiss pharmaceutical company Novartis AG says it has halted late-stage development of a new drug for lung cancer and will write off $120 million in the fourth quarter as a result.
The company, based in Basel, said Thursday the experimental drug ASA404 failed to significantly extend survival rates in combination with chemotherapy for patients with advanced non-small cell lung cancer.
Novartis had licensed the drug also known as vadimezan from Britain's Antisoma PLC in 2007.
Shares in Novartis dipped 0.6 percent to 54.70 Swiss francs
($56.40) on the Zurich exchange.
Posted: November 2010