• Most Popular
  • Most Shared

CORRECTED - UPDATE 1-Novartis takes $235 mln charge after stopping trial

Fri Aug 29, 2008 1:41am EDT

Stocks

   

(Corrects name of treatment throughout, Aurograb not Autograb)

ZURICH, Aug 29 (Reuters) - Novartis AG (NOVN.VX) stopped development of its Aurograb treatment for bacterial infections after it showed a lack of efficacy in mid-stage trials, and said it would take a $235 million impairment charge.

The Swiss drugmaker said on Friday the charge would be taken in its third quarter results.

Novartis acquired Aurograb, an add-on therapy to antibiotics that was being assessed for use in treating deep-seated staphylococcal infections, in 2006 with its acquisition of NeuTec Pharma.

Another compound acquired with Neutec, Mycograb, continues in late-stage trials and is being assessed as an add-on therapy to antifungals. (Reporting by Sam Cage; Editing by David Cowell)



More from Reuters

Photo

U.S. probing if al Qaeda linked to airplane incident

WASHINGTON (Reuters) - The Obama administration said on Sunday it was investigating whether al Qaeda was involved in a Christmas Day attempt to blow up a passenger jet and sought to head off Republican attacks over its anti-terrorism measures. | Video

» More Top News
A Delta Airbus 330 airliner sits on a runway at Detroit Metropolitan Airport in Romulus, Michigan in this video grab made December 25, 2009. Credit: REUTERS/WDIV TV/Handout

The battle in mid-air

The attraction of bombing airliners means the aviation industry has to be constantly vigilant in its fight against attackers.  Full Article 

U.S.
A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
Political Risk in 2010:

Don't say we didn't warn you

With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

Global Markets