Lilly discontinues Phase III CETP inhibitor

Eli Lilly and Co. (NYSE:LLY) fell $6.70 to $79.44 on Monday, losing more than $7 billion in market cap after it said it will discontinue development of cholesteryl ester transfer protein ( CETP) inhibitor evacetrapib ( LY2484595) to treat atherosclerotic cardiovascular disease. The company said an independent data monitoring committee recommended terminating the Phase III ACCELERATE trial because there was a "low probability" the study would meet its primary endpoint.

Lilly said safety findings were not a factor in stopping the 12,095-patient study. The placebo-controlled trial evaluated high-risk vascular disease patients for time to first occurrence of cardiovascular death, myocardial infarction, stroke, coronary revascularization or hospitalization for unstable angina. The company said it would present results at an upcoming scientific meeting. ...