Novartis is writing off an experimental cholesterol therapy, saying that it's not competitive enough to warrant further investment. Novartis took a $266 million charge as a result of its decision. The company earlier recorded a $66 million impairment related to acquiring the European rights to NKS104. The drug was being investigated as a treatment for total cholesterol. Novartis was quick to add that despite the write-off it would still announce record profits for this year.
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