After spending about $800 million developing a new cholesterol treatment, Pfizer Inc. says it is halting work on the product, torcetrapib, in the wake of an independent board's recommendation that the drug trial end due to an unexpected number of deaths and other complications. One industry critic says the trial should not present liability issues for the world's largest drug maker because the company acted swiftly, adding, "I have to give Pfizer credit. They did everything the right way."
December 05, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Shares of Pfizer Inc., the world’s largest drug maker, sank Monday on news that the company had halted development of a key new cholesterol treatment that was heralded as the engine to re-ignite the company’s stagnant sales.
The stock plunged $3.63, or 13 percent, to $24.23 in morning trading on the New York Stock Exchange.
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