Big Pharma Confronts Drug Setbacks

Three pharmaceutical firms faced setbacks in the clinical development of drugs that were anticipated to be major sellers. AstraZeneca said cediranib, a kinase inhibitor, was less effective than Genentech’s Avastin at treating colorectal cancer in a Phase II/III study. Cediranib had already failed to improve outcomes in lung cancer patients. Separately, Roche and Biogen Idec halted studies of ocrelizumab, a monoclonal antibody to treat rheumatoid arthritis, after a safety-monitoring board said the risks of the drug outweighed the benefits. And last, Pfizer and San Francisco-based Medivation said dimebon did not improve cognition or functioning in Alzheimer’s patients in a large Phase III trial. Medivation’s stock cratered 68% to settle at around $13.00 per share on the news.