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Drug makers AstraZeneca and Targacept say they have abandoned plans to seek regulatory approval for a drug intended to treat major depressive disorder.
AstraZeneca PLC said Tuesday that the drug TC-5214 did not perform as hoped in an eight-week trial compared to a placebo.
AstraZeneca says it will take an impairment charge of $50 million as a result. The company's shares were down half a percent at 2,843.5 pence in London.
London-based AstraZeneca and Targacept Inc., based in Winston-Salem, North Carolina, signed a collaboration agreement to develop the drug in 2009.