Eli Lilly and Co. shares tumbled 14% in premarket trade Wednesday, after the company said a late-stage trial of a treatment for dementia in patients with Alzheimer’s Disease failed to meet its goal. The phase 3 trial of solanezumab failed to meet its primary endpoint, the company said in a statement. It will no longer pursue regulatory submissions for the drug. “The results of the solanezumab EXPEDITION3 trial were not what we had hoped for and we are disappointed for the millions of people waiting for a potential disease-modifying treatment for Alzheimer’s disease,” Chief Executive John C. Lechleiter, Ph.D., said in a statement. “We will evaluate the impact of these results on the development plans for solanezumab and our other Alzheimer’s pipeline assets.” The company expects to book a charge of 9 cents a share in the fourth quarter and will update its 2016 guidance and provide an outlook for 2017 on Dec. 15. Shares were down 10% for the year through Tuesday, while the S&P 500 has gained 7.8%.
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