Sanofi (France) (SAN.PA) Pulls the Plug on Two Late-Stage Drugs, Plans $285 Million Charge
6/3/2013 7:59:51 AM
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Sanofi (SAN)’s experimental cancer treatment iniparib failed to help lung-cancer patients in a late-stage trial, prompting the company to end research into the once-promising compound and take a $285 million charge. Development of an anti-coagulant, otamixaban, also will be halted after the drug showed no benefit over existing therapies in a study, the French drugmaker said in a statement today. Chief Executive Officer Chris Viehbacher reorganized Sanofi’s oncology business into a full-fledged division soon after taking over in December 2008, touting iniparib as a key program for the company’s transformation. Sanofi got the compound, also known as BSI-201, through the 2009 purchase of BiPar Sciences Inc. The French company agreed to pay as much as $500 million if iniparib met development goals.
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