Albany shares drop after Bristol-Myers Squibb pulls depression drug
USA-based Albany Molecular Research (Nasdaq: AMRI) has been informed by its license partner US drug major Bristol-Myers Squibb (NYSE: BMY) of its decision to halt the development of an investigational drug for depression, with the news sending Albany’s shares falling 14% to $10.80.
In a filing to the US Securities and Exchange Commission, it says B-MS has terminated its development of BMS-820836, an investigational triple reuptake inhibitor in Phase II clinical development for the treatment of resistant depression (TRD).
Studies discontinued
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