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Pfizer Inc., the world's largest drugmaker, said it will quit testing an obesity drug similar to ones junked by other companies because winning U.S. approval would be too slow, expensive and risky.
Pfizer is unwilling to pour money into new human tests the U.S. Food and Drug Administration is likely to require, the New York-based drugmaker said today in a statement. The drug, known by the chemical name CP-945,598, was in the third of three stages of testing required for market clearance and could have had more than $500 million in annual sales, analysts said.
Pfizer is among the last drugmakers to abandon obesity medicines that block the same brain receptor that makes marijuana smokers hungry. Before Sanofi-Aventis SA's drug was rejected by the FDA in June 2007 and Merck & Co. quit developing its version last month, analysts estimated annual sales of the products would top $3 billion.
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Pfizer is unwilling to pour money into new human tests the U.S. Food and Drug Administration is likely to require, the New York-based drugmaker said today in a statement. The drug, known by the chemical name CP-945,598, was in the third of three stages of testing required for market clearance and could have had more than $500 million in annual sales, analysts said.
Pfizer is among the last drugmakers to abandon obesity medicines that block the same brain receptor that makes marijuana smokers hungry. Before Sanofi-Aventis SA's drug was rejected by the FDA in June 2007 and Merck & Co. quit developing its version last month, analysts estimated annual sales of the products would top $3 billion.
Read the full story here
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