Drugs giant Eli Lilly (NYSE:LLY) has ceased development of evacetrapib, its lead heart drug.
The treatment was in late-stage trials but results indicated the study would not meet its primary endpoint.
The company expects to take a US$90mln charge, equivalent to five cents a share, in its next set of results in respect of the termination of its cardiovascular disease treatment.
"We're obviously disappointed in this outcome, as we hoped that evacetrapib would offer an advance in treatment for people with high-risk cardiovascular disease," said David Ricks, president of Lilly Bio-Medicines.
Shares were down more than 10% in pre-market trading.