| Novartis decides against further Aurograb development | Posted on 29/08/2008 in Pharmaceutical Company Product News Novartis has announced its decision to no longer pursue its development of Aurograb.
The company said its decision was reached after the publication of phase II clinical study results which showed a lack of efficacy for the compound as an add-on therapy for patients with life-threatening bacterial infections.
Novartis had purchased the rights to Aurograb via the acquisition of NeuTec Pharma in 2006.
It added that a $235 million (128.4 million pounds) intangible asset impairment charge would be taken in the financial results for the third quarter of 2008 as a result of this decision.
"Phase III clinical trials and submission preparations continue for Mycograb, another development compound acquired with NeuTec," Novartis said.
It added this compound is being assessed as an add-on therapy for use with antifungal agents for the treatment of severe fungal infections including invasive candidiasis.
Novartis purchased Manchester-based NeuTec Pharma for approximately 305 million pounds in June 2006.
This price represented a 109 per cent premium on the standard share price of the firm.
At the time, Novartis said it hoped to expand its entry into the market for anti-infectives for the treatment of difficult-to-cure conditions.Other news stories from 29/08/2008
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