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News Watch
- 2/4/2010 2:48:02 PM
By Chip Brian, SmarTrend Analytics Team
02/04/2010-According to The Wall Street Journal, GlaxoSmithKline (NYSE:GSK) said Thursday it will stop research into new antidepressants, resulting in a cut of an undisclosed number of jobs and other investment in depression research, and focus on diseases where it feels it can develop more valuable drugs.
Glaxo's profits were long fueled by the antidepressants Paxil and Wellbutrin, but cheaper generic versions of the drugs have eroded sales.
Chief Executive Andrew Witty commented that clinical trials for antidepressants are among the "most expensive and highest-risk" of any disease as part of the reason for the move.
Contact Chip Brian
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