Disappointment at the big delay announced today for Lundbeck’s phase III depression drug, LU AA21004, which caused shares in the Danish company to plunge 17% to Dk20.25, is understandable.
Not only was it the company’s sole R&D project that analysts had ascribed any value to, the drug represented the biggest opportunity to replace sales of Lexapro, which loses patent protection in 2012. The set back highlights how even following the significant acquisition of Ovation Pharmaceuticals earlier this year, which added a handful of useful marketed products, Lundbeck still has to seriously address its late-stage pipeline.
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