(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