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Anti-ovarian cancer drug being dropped
AstraZeneca abandoning development plans
Updated: Tuesday, 20 Dec 2011, 5:04 PM EST
Published : Tuesday, 20 Dec 2011, 5:04 PM EST
LONDON (AP) - Drugmaker AstraZeneca PLC says it is abandoning plans to develop a new anti-ovarian cancer drug and also says a planned antidepressant has underperformed in tests.
The British drug company said Tuesday that it would take a one-time pre-tax loss of $285 million for the failure of olaparib — a drug that was meant to fight ovarian cancer. It added that the underperformance of the antidepressant — known as TC-5214— in tests would cost it another $96.5 million pre-tax.
AstraZeneca had hoped TC-5214 could replace earnings from its Seroquel medication, which will face generic competition beginning next year.
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