NEW YORK (
(PFE - Get Report)
announced late Monday the failure of its experimental Alzheimer's disease drug bapineuzumab in a late-stage clinical trial.
Bapineuzumab is being co-developed by
Johnson & Johnson
(JNJ - Get Report)
with certain economic rights held by Irish drug maker
. Investors widely expected bapineuzumab clinical trials to fail based on
similarly poor results from mid-stage studies presented in July 2008
The study announced Monday enrolled patients with mild to moderate Alzheimer's who also carried a gene known as ApoE4 that confers a higher risk of developing the disease. Patients treated with bapineuzumab showed no cognitive or functional improvement compared to patients treated with a placebo, Pfizer said.
Three other phase III studies of bapineuzumab, enrolling both Apoe4 carriers and non carriers, are still underway with results expected later this year.
Elan shares are down 16% to $11.26 in Monday after-hours trading.
--Written by Adam Feuerstein in Boston.
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