AstraZeneca has terminated a licence agreement with MAP Pharmaceuticals regarding the pediatric asthma drug Unit Dose Budesonide (UDB), which failed to meet its goals.
Phase-III clinical trials conducted by MAP Pharmaceuticals revealed that UDB, an investigational treatment for paediatric asthma, failed to meet its primary endpoints.
AstraZeneca has therefore exercised its right to terminate the licence agreement and expects to record an impairment charge of $44m in its second-quarter results.
MAP Pharmaceuticals has since suspended further plans to develop the drug and will instead focus on cures for migraines.
AstraZeneca is engaged in the research, development, manufacturing and marketing of prescription medicines and is a supplier for healthcare services. It focuses on gastrointestinal, cardiovascular, neuroscience, respiratory, oncology and infectious disease medicines.
MAP Pharmaceuticals is dedicated to developing and commercialising new therapies for children and adults suffering from chronic conditions.