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