Editor Desk
Nov 1, 20161 min
Pfizer Inc (PFE.N) said it halted development of a costly new type of cholesterol fighter because disappointing clinical trial data and an unfavorable market for similar approved drugs bode poorly for its injectable medicine. The largest U.S. drugmaker trimmed the top end of its 2016 earnings forecast on Tuesday due to costs of scrapping the experimental drug, called bococizumab, which works by blocking a protein called PCSK9. Pfizer said bococizumab gradually lost its potency in reducing "bad" LDL cholesterol and caused more irritation at the injection site than similar recently approved drugs.