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Pfizer will halt its development of a weight-loss drug that was being closely watched by investors, in a significant blow to the US pharmaceutical group.
The company said on Monday that it would stop the development of the treatment, known as danuglipron, after a patient in one of its studies “experienced potential drug-induced liver injury”.
The New York based-drugmaker had hoped the pill would allow it to break into the booming obesity treatment market, after sales of its vaccine and other coronavirus-related products fell following the pandemic.
Rivals Eli Lilly and Novo Nordisk are already marketing a new class of blockbuster weight-loss drugs, with analysts forecasting that the market could reach $100bn by the end of the decade.
Pfizer shares lost 0.9 per cent in pre-market trading.
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