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Pfizer Ends Alzheimer's And Parkinson's Research; To Cut 300 Jobs

Pfizer Inc.(PFE) said that it decided to stop research and development into new neuroscience drugs, including its work in Alzheimer's and Parkinson's diseases. The decision will result in layoffs of 300 employees in Cambridge and Andover in Massachusetts and in Groton, Conn., over several months.

The company noted that the restructuring won't affect later-stage drug development for pain treatments Lyrica and tanezumab, or research into drugs for rare neurological diseases.

The company plans to use the savings to fund drug R&D in other areas. "This was an exercise to reallocate [spending] across our portfolio, to focus on those areas where our pipeline, and our scientific expertise, is strongest," it said.

Pfizer also said it plans to establish a corporate venture fund to invest in promising neuroscience projects outside the company.

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