Merck & Co/Lundbeck terminate gaboxadol
US drug major Merck & Co and Denmark's H Lundbeck terminated their gaboxadol development accord after it demonstrated disappointing results in a recent late-stage trial. Merck planned to file a US New Drug Application for the insomnia pill by the middle of the year, but said that the drug's termination will not impact its financial guidance.
Goldman Sachs analyst James Kelly said he had expected the direct-acting GABA-A receptor agonist to earn $575.0 million in 2011, while John Boris, of Bear Stearns, predicted sales of $365.0 million by 2010.
On the day of the news, March 29, shares in Copenhagen-based Lundbeck fell 17% to 133 Danish kroner. The firm specializes in drugs for the treatment of psychiatric and neurological disorders. In 2006, its revenue totaled 9.2 billion kroner ($1.6 billion).
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