AstraZeneca kills Galida, adding to pipeline woes

Troubled by signs of potential side effects and the lack of data demonstrating solid advantages over existing therapies, AstraZeneca has decided to scrap its late-stage diabetes drug Galida. "We have acknowledged that Galida was in a class with a high degree of uncertainty and the decision to discontinue is disappointing," said CEO David Brennan.

The news couldn't have come at a worse time for AstraZeneca. The biopharma company pulled the anti-coagulant Exanta in February. Analysts had already been harshly critical of the drug company's weak pipeline. Axing a Phase III product leaves the company that much further behind in its program to convince analysts that AstraZeneca has a strong future.

- read this MarketWatch report on Galida