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STOCKHOLM, July 10 (Reuters) - Swedish biotech firm Karo Bio (KARO.ST) said on Tuesday drug maker Merck & Co. Inc. (MRK.N) had decided to end a joint development with Karo Bio of a potential drug candidate.
Karo Bio said development of the compound, which entered Phase I clinical trials last year and was based on research on oestrogen receptors in collaboration with Merck, was dropped. "The product profile is unsuitable for further development," Karo Bio said.
The firm added Merck remained committed to the research programme, for which it shoulders all the development costs, and that a back-up compound had been approved for pre-clinical development.