Shire, the specialty biopharmaceutical group, dropped into the bottom spot on the FTSE 100 on Friday after one of its drugs missed the main target during a recent clinical trial.
SPD476 MMX mesalamine, registered as Lialda, is a drug intended to reduce the rate of recurrence of diverticulitis over a two-year treatment period.
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The study was conducted in 10 countries using patients with a history of the illness.
"PREVENT2, a large, well-controlled trial, provided us with important information regarding diverticulitis." said Dr Jeffrey Jonas, Senior Vice President of Research and Development for Shire's Specialty Pharmaceuticals and Regenerative Medicine businesses.
"We will continue to analyse these data and those of the second study, PREVENT1, which was similar in design to PREVENT2 and will report later in the year. Although the results of the second trial are pending, it is our current intention not to pursue a regulatory filing for this indication for MMX mesalamine," he said.
The share price fell 4.91% to 2,014.00p by 15:30.
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