Exubera blown off by Pfizer |
| San Jose Mercury News - Oct 19, 2007 |
Fed up with lackluster sales of Exubera, the groundbreaking inhaled insulin treatment developed by Nektar Therapeutics of San Carlos, New York drug-giant Pfizer said Thursday it will stop selling the product and write off $2.8 billion in Exubera-related costs.
Nektar - which gets royalty and other payments from Pfizer that total 18 percent of Exubera's net sales, according to some analysts - saw its stock price fall more than 17 percent to $6.67 at the market's close of trading.
"Despite our best efforts, Exubera has failed to gain the acceptance of patients and physicians," Pfizer's Chief Executive Officer Jeff Kindler said in a statement. "We have therefore concluded that further investment in this product is unwarranted."
Read Full Article from San Jose Mercury News
- Posted: 2007-10-19 10:25:47
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
