Albany Molecular says Bristol-Myers stops development of depression drug

Mon Aug 12, 2013 1:42pm EDT

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(Reuters) - Albany Molecular Research Inc said partner Bristol-Myers Squibb Co would stop developing their experimental depression therapy.

Albany's shares tumbled 19 percent to $10.24 in afternoon trading.

Albany said Bristol-Myers stopped two mid-stage studies of the drug after it failed to show superiority over two other antidepressants. (link.reuters.com/fax32v)

Albany said the decision would not have an impact on its forecasts for the third quarter and 2013.

(Reporting by Pallavi Ail in Bangalore; Editing by Saumyadeb Chakrabarty)

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