Pfizer Inc and Eli Lilly and Co will resume late-stage studies of their drug tanezumab for chronic pain after the U.S. Food and Drug Administration lifted a partial hold on trials of it and similar medicines.Pfizer expects to receive a $200 million upfront payment from Lilly as a result of the development, the companies said on Monday.The FDA, in December 2012, restricted clinical studies of tanezumab and other pain drugs that work by blocking a protein called nerve growth factor (NGF), because of nervous-system side effects seen in animal studies conducted by other companies. But the agency allowed trials of the non-narcotic medicine against terminal cancer pain to continue.Pfizer and Lilly said they will now resume the chronic pain studies because the FDA, after reviewing positive nonclinical data on the nervous system responses to tanezumab, had lifted the partial hold.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE traded higher by 2.83% or $0.97/share to $35.22. In the past year, the shares have traded as low as $27.51 and as high as $35.26. On average, 28696600 shares of PFE exchange hands on a given day and today's volume is recorded at 18550707.