Pfizer has announced it is ending development of a much-anticipated cholesterol-reducing drug for heart patients. The company says an independent board has found increased deaths and heart problems among patients in a late-stage trial of torcetrapib.
DEBORAH AMOS, host: In business news today, likely job cuts at a pharmaceutical giant.</s>DEBORAH AMOS, host: Pfizer has announced it's scrapping the most important product in its drug development pipeline. The world's biggest drug maker says its halted work on a new medicine aimed at raising so-called good cholesterol after an independent board found increased deaths and heart problems among patients in late-stage clinical trials.</s>DEBORAH AMOS, host: The drug was expected to make up for financial losses once patents expire on other Pfizer drugs, including the blockbuster anti-cholesterol medication Lipitor.</s>Some other news: U.S. and South Korean officials are set to resume talks today over a free trade deal. This could be the biggest such pact since the North American Free Trade Agreement. President Bush is hoping to reach a deal before his negotiating authority runs out in June.</s>DEBORAH AMOS, host: But it could be a difficult start. South Korea has just rejected a shipment of U.S. beef due to concerns about Mad Cow Disease.