The New York-based pharmaceutical company, Pfizer Inc., announced that it will halt research and development into finding new neuroscience medicines aimed at treating Alzheimer’s and Parkinson’s diseases.
Pfizer said it expects to lay off 300 jobs in Andover and Cambridge, Massachusetts, and Groton, Connecticut, as it reallocates the funds spent on research, the emailed statement said.
The job cut is said to take place over several months.
The company is not conducting any changes in research and development capital for Tanezumab, which is sold as a treatment for joint pain from osteoarthritis, fibromyalgia treatment Lyric, or its rare disease program.
“This was an exercise to reallocate [spending] across our portfolio, to focus on those areas where our pipeline, and our scientific expertise, is strongest,” Pfizer said.
The drugmaker company has invested greatly in research for Parkinson’s and Alzheimer’s, and is one of several pharmaceutical companies, along with GlaxoSmithKline and Eli Lilly, that is included in the Dementia Discovery Fund, a venture capital fund introduced in 2015 by industry and government group that look to develop treatments for Alzheimer’s.
Some of the company’s investments, however, have ended in distress. In 2012, Pfizer and partner Johnson & Johnson abandoned additional effort on the drug Bapineuzumab after it became unsuccessful in helping patients with mild to moderate Alzheimer’s in its second time of medical trials.
Pfizer said on Saturday that it will unveil a new venture fund to inject in neuroscience research projects. In addition, it is believed to make a presentation on Monday at the JPMorgan Healthcare Conference in San Francisco, one of the biggest annual events for healthcare investors.
Meanwhile, other companies, including Cambridge-based Biogen, continue to pursue treatments for Alzheimer’s disease.
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