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Pfizer dumps cholesterol drug on bad trial results

Pfizer Inc said it has cut all clinical trials and development for a cholesterol drug that was supposed to be the star of its pipeline because of an unexpected number of deaths and cardiovascular problems in patients who used it.

The world's largest drugmaker said it was told on Saturday that an independent board monitoring a study for Torcetrapib, a drug that raises levels of HDL, or what's commonly known as good cholesterol, recommended that the work end because of "an imbalance of mortality and cardiovascular events."

The news is devastating to Pfizer, which had been counting on the drug to revitalize stagnant sales that have been hurt by numerous patent expirations on key products. It has said it was spending around US$800 million to develop Torcetrapib.

There were already concerns about the drug because a recent study showed it triggered a slight increase in blood pressure, but it was unclear if that was behind the patient deaths and cardiovascular problems.

Pfizer said it is asking all clinical investigators conducting trials to warn patients to stop taking the drug immediately.

According to Pfizer spokesman Paul Fitzhenry, 82 patients taking the combination of Torcetrapib died, compared to 51 deaths in the arm of the study where patients were taking Lipitor alone. Each arm of the study had 7,500 patients. Pfizer said that the study didn't raise any questions about Lipitor's safety.

Just two days ago, Pfizer had said it hoped to file an application with the US Food and Drug Administration for approval of Torcetrapib by the second half of next year. But despite the loss of the drug, Pfizer reiterated it would return to sales growth by 2009 and that it would achieve high single-digit earning growth in 2008.

However, Pfizer said the loss of the product would mean an acceleration of cost cutting measures it promised in October, which were already supposed to extend beyond the promise it made last year to slash US$4 billion in expenses by 2008.

Earlier this week, Pfizer said it would cut 20 percent, or 2,200 positions, from its US sales force, in a move analysts suggested could save the drug company between US$400 million and US$500 million annually.

Pfizer said at the time more details on how it would transform the company would be announced next month.

New York-based Pfizer had expected to sell Torcetrapib in tandem with Lipitor, which reduces bad cholesterol and is the company's -- and the world's -- best-selling drug.
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