Elan (ELN) Sacked On News from Pfizer (PFE) on Phase 3 Bapineuzumab Study

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Elan Corporation, plc (NYSE: ELN) is trading lower after-hours following news from partner Pfizer Inc. (NYSE: PFE) that the co-primary clinical endpoints, change in cognitive and functional performance compared to placebo, were not met in the Janssen Alzheimer Immunotherapy R&D LLC (Janssen AI)-led Phase 3 trial of intravenous (IV) bapineuzumab in patients with mild-to-moderate Alzheimer's disease who do not carry the ApoE4 (apolipoprotein E epsilon 4) genotype (Study 301).

Based on the topline results of this study, together with the topline results of a Janssen AI-led Phase 3 study in patients who carry the ApoE4 genotype (Study 302)announced on July 23rd, the Janssen AI and Pfizer Joint Steering Committee for the AIP has decided to discontinue all other bapineuzumab IV studies in patients with mild-to-moderate Alzheimer's disease.

Shares of ELN are down 11 percent on the news.

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