Bad news for NPS Pharmaceuticals: the company announced late Thursday that its partner GlaxoSmithKline would abandon a Phase II study of Ronacalaret, an osteoporosis drug. According to SEC filings cited by the Associated Press, GSK is halting the study because Ronacalaret is not effective. "GlaxoSmithKline has not communicated to the company a decision with respect to their continuation of other research and development activities under the agreement," NPS said in the filing.
GSK and NPS have been partners since 1993, and NPS has received $26.1 million in various milestone payments since then. NPS won't have to return any of that money.
- see the RTTNews article