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Saturday night Pfizer dropped a bombshell. Two days after the company announced it planned--if all went well--to file for FDA approval of its developmental cholesterol pill Torcetrapib in the second half of next year, Pfizer suddenly pulled the plug on the drug. Tests had shown this pill raises good cholesterol and lowers bad. But the FDA says early Saturday morning Pfizer's Independent Data Safety Monitoring Board told the company about people who died in a clinical trial.
Earlier this year a crew working for documentary filmmaker Michael Moore "crashed" the major scientific oncology conference in Atlanta. Moore's reportedly working on a movie with the working title of "Sicko" about the country's healthcare system and the pharmaceutical industry.
Pfizer CEO Jeffrey Kindler expressed disappointment about the failure of the company's new cholesterol drug but said Pfizer plans to continue growing through strategic acquisitions.
This past Saturday night--Pfizer announced it's stopping production of its new anti-cholesterol drug torcetrapib. Unfortunately--clinical test results showed more deaths than were expected from taking the experimental drug. Catherine Arnold is a pharmaceutical analyst from Credit Suisse..
Pfizer stock is down 13% so far today on news that development of its Lipitor successor – torceptrapib – has been halted. Analysts have downgraded the stock and cut price targets as a result. Barbara Ryan – managing director and senior analyst at Deutsche Bank – disagrees though. She appeared on “Morning Call” to say that the dip in price today is a buy-in opportunity.
The world's biggest drug company is seeing its market value get much smaller this morning. Shares of Pfizer are getting hammered after the company dropped a bombshell over the weekend about clinical trials of torceptrapib/atorvastatin (T/A), a drug thought to be a promising new way to lower cholesterol. CNBC’s Mike Huckman sorted out all the details on this morning’s “Squawk Box.”
At 12 p.m. ET, shares of Pfizer were trading about 13% lower - largely because the company halted development of torcetrapib--a new cholesterol treatment. The drug was supposed to fill the void when Lipitor--its best-selling drug--loses patent protection in 2010. (Lipitor sales totaled $12.2 B last year.)
Shares of Onyx Pharmaceuticals fell nearly 30% on Monday after data showed that its kidney cancer drug Nexavar did not work in patients with advanced skin cancer.
We told you earlier about the U.S. stock selloff--but they ended up, making comeback and bouncing off their lows of the session. There was that triple digit sell-off late in the afternoon only to see a rally in the last half hour of trading. CNBC's Mary Thompson has all the details in "Eye On The Floor."
Good morning. We're ready to begin what we trust will be a daily visit for all of you. In Play by Play--you'll find the latest interviews as well as breaking news and great stories from CNBC-TV. Even if you caught it on TV--you'll get that much more right here. Let's start with our quote of the day...
Pfizer will likely slash staff and accelerate merger and licensing deals as the pressure on it to improve its financial performance intensified after the weekend's announcement that the company ended development of a key drug.
A record number of U.S. corporate bosses have left their jobs this year, in part reflecting the widening stock options backdating scandal, according to data released today.
Stocks closed mostly lower amid higher oil prices and a surprising decline in Midwest business activity.
Pfizer, the world's largest drugmaker, raised its earnings guidance for the year and promised a number of late stage products out of its pipeline in the coming years.
NASCAR ain’t just whistling Dixie: It’s alive and kicking all over America. CNBC’s Darren Rovell proved it in Times Square, where he spoke to some of the racing association’s biggest names. Top drivers toured New York City streets for the fourth straight year, garnering applause while reconfirming the auto sport’s rising popularity beyond its Southern roots.
Pfizer said Tuesday it will trim its U.S. sales force by 20% as part of an ongoing review process announced in October.