THE RESULTS: Pfizer Inc. and Johnson & Johnson said the intravenous formulation of its experimental Alzheimer’s disease drug bapineuzumab failed in a second late-stage trial. The companies are ending development intravenous bapineuzumab.
THE GOAL: Bapineuzumab was designed to slow the progression of Alzheimer’s disease by preventing the buildup of plaque in the brain, but studies said it didn’t work better than a placebo.
THE CHARGES: Johnson & Johnson said it will take a charge of up to $400 million in the third quarter. Elan Corp. PLC, which licensed the drug to Johnson & Johnson, will take a charge of $117.3 million.