Pfizer announced this week that it is backing away from its efforts to find new treatments aimed at Alzheimer’s and Parkinson’s disease. The move will entail about 300 job cuts from its neuroscience discovery and early development programs and its facilities in Andover and Cambridge, Mass. as well as Groton, Conn.
The company said that it will reallocate the funds to areas where Pfizer has “strong scientific leadership” and it can make “the greatest impact for patients.”
More than 5 million Americans suffered from Alzheimer’s in 2017, while about 600,000 are diagnosed with Parkinson’s every year. Neither illness has a cure, but medications can help delay the progression of symptoms.
Pfizer said that it will continue to “fully support” its development of two chronic pain medications: tanezumab and Lyrica.
Read the full Reuters report.