Pfizer,the world's largest pharmaceutical company,has decided to close its neuroscience-discovery and early development programmes,the company announced Saturday.That means it is halting research in nine projects,including some for Alzheimer's and Parkinson's diseases,resulting in the loss of around 300 jobs in Massachusetts and Connecticut.*
To be candid,an internal review concluded the results just weren't materialising as had been hoped.The company said:
This was an exercise to re-allocate spend across those areas where our pipeline,and our expertise,is strongest.*
The move is a blow to those suffering from these devastating illnesses and their caregivers.At the same time,however,Pfizer,which is headquartered in New York,says it will soon invest in a new venture capital fund to stimulate research in such neurological conditions,and will continue to seek treatments for rare illnesses.*
Pfizer,Inc (PFE)
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