Shares of MAP Pharmaceuticals slid nine percent on the news that AstraZeneca had pulled out of a collaboration with the developer on an experimental pediatric asthma therapy, forcing MAP to suspend its development. MAP immediately regained all rights for Unit Dose Budesonide.
"MAP Pharmaceuticals is considering options for its pediatric asthma program moving forward, including the development of a next generation therapy with budesonide," MAP's Chief Executive Timothy Nelson said in a statement.
The budesonide program has proven to be a major headache for MAP. Last February the developer announced that it performed no better than a placebo in a late-stage trial, news that battered the company's share price. But MAP can fall back on Levadex, a migraine therapy that delivered positive late-stage data in May.