Celltech Group PLC (CLL): Update On CDP 870; Shares Plunge As Key Drug Delayed
10/19/2005 5:10:32 PM
Celltech Group plc (LSE:CCH) (NYSE:CLL) today announced an update on the clinical development programme for CDP 870, its PEGylated anti-TNF-alpha antibody fragment being developed in collaboration with Pfizer as a new treatment for Crohn's disease and rheumatoid arthritis (RA). In Crohn's disease, where Celltech is responsible for CDP 870 development activities, a large Phase III clinical trial programme will be initiated in the next two weeks. In RA, two large Phase III clinical studies are ongoing and Pfizer has notified Celltech that Pfizer plans to postpone the initiation of remaining Phase III clinical trials pending the results of these two ongoing studies. This will result in a consequent delay in the RA development programme. Pfizer also has notified Celltech of its desire to renegotiate the financial terms of its collaboration with Celltech, originally established with Pharmacia in March 2001.
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