J&J, Pfizer to drop intravenous Alzheimer's drug

JNEW YORK (AP) — Pfizer Inc. and Johnson & Johnson said Monday they are ending development of an intravenous formulation of a drug to treat Alzheimer's disease after the treatment failed in two late-stage clinical trials.

The companies said bapineuzumab intravenous did not work better than placebo in two late-stage trials in patients who had mild to moderate Alzheimer's disease.

The drug is designed to prevent the buildup of plaque in the brain. J&J said it is not discontinuing development of the compound and noted it has ongoing studies including a mid-stage neuroimaging study with bapineuzumab delivered subcutaneously.

Johnson & Johnson made a big bet on bapineuzumab in 2009, agreeing to invest up to $1.5 billion initially. The two companies said July 23 that the drug had failed in a different trial.

Johnson & Johnson, based in New Brunswick, N.J., said it will take a charge of $300 million to $400 million in the third quarter.

Dublin-based Elan Corp. PLC, which licensed the drug to Johnson & Johnson in 2009, said it will take a $117.3 million charge of its own.