Akzo Nobel subsidiary Organon is to continue the development of asenapine – a new drug for the treatment of schizophrenia and bipolar disorders – despite the ending of its alliance with Pfizer.
Pfizer decided to pull out of the asenapine programme after making a ‘commercial analysis of the drug in relation to its overall portfolio’, Organon said in a statement.
Akzo Nobel is hoping to float Organon on the back of the asenapine’s success, but development of the drug has been hit by several delays.
Nevertheless, Organon chairman Toon Wilderbeek said in a conference call today that the flotation of a minority stake was still on target for early 2007.
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