AstraZeneca will take a $100m writedown after trials of a heart disease drug showed it to be ineffective in treating a particular cardiovascular condition.
After the disappointing results, the pharmaceutical group said it would discontinue trials on the drug, known as Epanova, and carry out a review into its $533m value on the company’s balance sheet.
Epanova is used in the US to treat a condition involving high levels of triglycerides in the bloodstream that can be a forerunner of heart disease. Astra had been hoping the tests would prove it was a viable treatment for mixed dyslipidemia, another condition that elevates the risk of heart disease.
“It was important to assess the potential benefit of Epanova in mixed dyslipidemia,” said Mene Pangalos, executive vice-president of biopharmaceuticals R&D at Astra. “We are disappointed by these results, but we remain committed to addressing the needs of patients in the cardiovascular space where we have an extensive pipeline.”
As part of a striking turnround over the past five years, including returning to growth in 2018, Astra has revived its R&D and now has a string of blockbuster drugs.
At its last set of results in October, it said revenues in the third quarte Read More