Pfizer-J&J Drop Alzheimer's Drug Studies After Failure

Pfizer (PFE)

Johnson & Johnson (JNJ)

Inc., and Elan Corp. ended most plans to develop an Alzheimer’s drug after a second trial failure, a blow to the companies’ efforts to market the first product to slow progress of the disease.

Bapineuzumab, designed to attack the brain plaques that serve as a hallmark of Alzheimer’s, failed to improve symptoms of dementia in the second of four final-stage trials of the drug, Pfizer and J&J said yesterday in statements. Elan’s American depositary receipts fell 11 percent to $10.02 at 9:44 a.m. New York time.

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Source: Bloomberg