AstraZeneca, Abbott Kill Co-Development Deal Early

FOXBusiness

AstraZeneca (NYSE:AZN) said Thursday it will stop developing a drug being studied as a potential treatment of mixed dyslipidemia, ending a licensing contract with Abbott Laboratories (NYSE:ABT).

The Wilmington, Del-based drug maker said the co-development agreement will come to a close on Jan. 22.

Continue Reading Below

The move follows the drug companies’ receipt in March of a Complete Response Letter from the FDA for their drug Certriad’s New Drug Application.

Both Abbott and AstraZeneca, based in Abbott Park, Illinois and Wilmington, Delaware, respectively, said the decision followed careful consideration upon determining that Certriad was no "longer commercially attractive."

They initially filed the new drug application with the FDA in June 2009.

What do you think?

Click the button below to comment on this article.