The Irish Independent yesterday reported that Global pharmaceutical company, Pfizer has scrapped their planned €400m expansion of an Irish plant which would have seen 350 permanently employed staff along with 1,250 construction jobs.
The company sought planning permission earlier this year for a major extension to its Grange Castle plant in Dublin. However, following a decision to discontinue the development of bococizumab, a drug that aims to reduce cholesterol, the expansion at will not go ahead.
In a statement, Pfizer said it had discovered unexpected side effects with the drug and that it was becoming less effective over time. It also noted two rival drugs had been struggling to meet sales targets and as a result, the company decided to discontinue development of the drug. Pfizer had expected bococizumab to deliver sales of almost $1 billion a year.
Pfizer spokesperson, Dr James Rusnak, “We are disappointed by this outcome but remain committed to investing in innovation, concentrating our pipeline on areas where we can bring transformational therapies to address unmet needs, including in patients with cardiovascular and metabolic diseases. We thank the investigators, their patients, and support staff who have participated in this important research program.”
Source: Business World