Abbot Laboratories said its partner, Reata Pharmaceuticals, was
discontinuing a late-stage trial of their potential blockbuster treatment for
chronic kidney disease and diabetes based on safety concerns raised by an
independent safety committee.
The failure of the drug, bardoxolone, sent Abbott shares down 3.5
percent on Thursday. It came as a major setback just months before the planned
Jan. 1 spinoff of Abbott’s branded prescription drugs into a separate publicly
traded company called AbbVie. Without the prominent drug, Wall Street concerns
about AbbVie’s dependence on Abbott’s $8 billion-a-year rheumatoid arthritis drug,
Humira, have intensified.
An independent data-monitoring committee found excess serious adverse
events and mortality in patients taking the oral anti-inflammatory drug, Abbott
said in a regulatory filing. Regulators were notified of the decision, and study
participants were being informed, the company said. The failed trial, called
Beacon, began in mid-2011 and involved 1,600 patients with Type 2 diabetes and
Stage 4 chronic kidney disease.
NY Times
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