Pfizer opts out of $262M Adolor pain drug pact

Almost exactly three years after Pfizer ($PFE) put up $30 million and a promise of up to $232.5 million to partner on a pair of Adolor's pain programs, the pharma giant has opted to wash its hands of the drugs. Just six months ago Adolor ($ADLR) reported that ADL5859 and ADL5747 failed to clear a mid-stage trial hurdle. And Pfizer told Adolor that further work wasn't warranted, according to a report from Reuters.

After the trial data was released the developer said that an unusually high placebo response was responsible for the clinical setback, another in a long string of disappointments for Pfizer. This has also been a rough year for Adolor. The Exton, PA-based biotech was forced to cut 30 jobs, or about a third of its workforce, last July after sales of Entereg fell behind expactations.

- check out the story from Reuters