Albany Molecular says Bristol-Myers stops development of depression drug
(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)
- Search for Malaysian plane may extend to Indian Ocean - U.S |
- Russia holds war games near Ukraine; Merkel warns of catastrophe |
- New York City gas explosion subject of federal probe |
- White House tried to mediate dispute between Senate, CIA panel: source
- UPDATE 1-U.S. investigators suspect missing Malaysian plane flew for hours -WSJ