AstraZeneca stated Monday it can discontinue a late-stage trial for heart illness drug Epanova to deal with patients with mixed dyslipidemia and expects a $100 million writedown to hit its core profit in the fourth quarter.
The most significant British drug-making company by market value mentioned the decision, which adopted recommendations from an independent data monitoring board, was due to the low likelihood of Epanova’s profit to patients with mixed dyslipidemia.
Mixed dyslipidemia is characterized by irregular levels of cholesterol and fatty substances in the blood called triglycerides.
AstraZeneca included Epanova, which is already approved in the U.S. to scale back high levels of triglyceride, to its pipeline when it purchased U.S.-based Omthera Pharmaceuticals in 2013 to develop its cardiovascular drug enterprise.
“We’re disappointed by these outcomes; however, we remain dedicated to addressing the needs of sufferers in the cardiovascular area where we have an extensive pipeline,” Mene Pangalos, the VP of biopharmaceuticals research and development, stated.
Shares in the firm opened half a percentage level lower on the London Stock Exchange, lagging broader gains in the UK marketplace.
In a separate statement, AstraZeneca and Merck stated their ovarian cancer drug Lynparza, in combination with bevacizumab, has been granted priority evaluation status in the U.S. and a call on its support is set for the second quarter this year.