Pfizer quits Alzheimer's and Parkinson's space, resulting in job cuts

According to media reports, US pharma giant Pfizer (NYSE: PFE) has announced that it will stop research and development into new neuroscience drugs, including its work in Alzheimer’s and Parkinson’s diseases, which will lead to about 300 job cuts.

The move to end the neuroscience-discovery program followed an internal review, reported Bloomberg. The job reductions will primarily affect employees at facilities in Cambridge and Andover in Massachusetts, as well as Groton, Connecticut.

Pfizer is not making any changes to research and development funding for tanezumab, which is marketed as a treatment for joint pain from osteoarthritis, fibromyalgia treatment Lyrica, or its rare disease program.