Sanofi Halts Work on 3 Experimental Drugs
By Greg Keller
PARIS -- Sanofi-Aventis (SNY Quote) has halted work on three experimental drugs including a once-promising depression treatment in order to focus its research and development efforts elsewhere, the European pharmaceutical giant said Wednesday.
Sanofi announced the decision to halt development of the three Phase III drugs following a "comprehensive and rigorous" review of its R&D pipeline, which also will include axing several Phase II drugs and six projects that were in Phase I, Sanofi-Aventis said in a statement.
The Paris-based company announced the R&D shakeup alongside its first-quarter earnings, which showed net profit rose 19.1% in the period to 1.58 billion euros ($2.1 billion), up from 1.3 billion euros a year earlier. ...
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