Pharmaceutical giant Pfizer has abruptly ended research into new neuroscience drugs for Alzheimer’s disease and Parkinson’s disease, resulting in the termination of 300 employees, the company said.
“This was an exercise to reallocate [spending] across our portfolio, to focus on those areas where our pipeline, and our scientific expertise, is strongest,” Pfizer said in a statement this weekend.
Pfizer it will start a venture fund committed to neuroscience and will continue research into neurological drugs for rare diseases.
The Hill notes:
The company said it will continue its support of a late-stage pain treatment drug, tanezumab, and Lyrica, a drug for fibromyalgia.
The company had invested heavily in discovering new drugs for Alzheimer’s and Parkinson’s, but those efforts were costly and didn’t produce results.