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 AstraZeneca announced the decision to discontinue development of the
inhaled interferon therapy, licensed from Synairgen, alongside its
quarterly results.
The drugmaker had hoped to develop the medicine for vulnerable
patients with asthma and chronic lung disease, but it will now
return rights to the product, known as AZD9412, to Synairgen.
Synairgen had licensed the drug to AstraZeneca in 2014 in a deal
worth $232 million. Serious doubts about the product emerged in
October 2016, however, when AstraZeneca stopped a mid-stage clinical
study.
Synairgen shares were down 47 percent by 1000 GMT, valuing the group
at around 12.5 million pounds ($16 million).
($1 = 0.7751 pounds)
(Reporting by Ben Hirschler; editing by Jason Neely)
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