Pfizer falls on the stock market for the new anti-cholesterol: too many dead

06 Dec

Posted by ReD as news, Pfizer

Pfizer stock quotes in the free fall in European markets and Wall Street after the announcement of the end of the research to develop its most important new drug, an anti-cholesterol medicine that was supposed to replace the Lipitor. On December 2 Pfizer announced the end of the studies on new drug to cause death in some patients on treatment, which was more elevated by 60% compared to patients not treated with this therapy. On the list of Francofortealle 17.30 Pfizer is dropped to 18.52 euros (-10.8%), the equivalent of $ 24.7. A New York was even worse: -11.23% to $ 24.73. In the end, the burnt capitalization amounting to 23 billion dollars, brought down the market value at 179.2 billion, with the result that the pharmaceutical giant rose from sixth to tenth place in Corporate America, being superseded by Procter & Gamble (200.9 billion), Wal-Mart (192.9 billion), Johnson & Johnson (192.1 billion) and American International Group (AIG, 182.2 billion).

The drug that Pfizer was working was designed to replace Lipitor, in view of the expiry of the patent in the next 2011. Currently, just the Lipitor is the medication most sold in the world, with a turnover of 12.2 billion dollars on the previous year. L 'interruption of the trial on this type of product, on which the U.S. group aimed parecchio, could some one of the biggest crises Financial for Pfizer in its history of over 150 years. Pfizer had invested his time to a billion dollars to develop this treatment, discovering ² pear at the end that the mortality in patients who had undergone the drug was 60% more highly than others. The chief executive officer of 'farm use, Jeffrey Kindler, at this point might give a' boost to staff cuts and closure.