Johnson & Johnson Inc. (NYSE: JNJ) and Pfizer Inc. (NYSE: PFE) both announced they are stopping development of a drug to treat patients with mild to moderate Alzheimer’s after the drug failed a second clinical trial.
The companies both noted the drug, bapineuzumab, did not improve the condition of Alzheimer’s patients compared to a placebo.
Johnson & Johnson will take a $300 million to $400 million charge in the third quarter.
Shares of Pfizer are down 2.51% in after-hours trading. Shares of Johnson & Johnson are up 0.21%.