Albany Molecular Falls as Bristol-Myers Ends Drug StudiesAlex Nussbaum
Albany Molecular Research Inc. fell the most in three months after saying that Bristol-Myers Squibb Co. ended development of a depression drug under partnership.
Albany Molecular declined 10 percent to $11.31 at the close in New York, the biggest single-day drop since May 7. Shares of the Albany, New York-based company have more than doubled this year.
Bristol-Myers is ending testing on BMS-820836, an experimental depression treatment, after the medicine failed to meet its goals in clinical studies, Albany Molecular said today in a regulatory filing. The two companies will have “continued discussions” about the compound’s future and plans for other medicines, according to the filing.
Albany Molecular said the end of the drug’s development wouldn’t affect the forecast for the 2013 third-quarter and full year. The company said Aug. 6 that it expects earnings excluding some items of 9 cents to 12 cents a share for the quarter and 54 cents to 65 cents for the year.