drug development

Novartis Halts Two Drug Development Programs

Swiss pharmaceutical company Novartis announced Tuesday that it had discontinued the development of two drugs -- the hepatitis C treatment Zalbin, and antifungal agent Mycograb. The company will take impairment charges of approximately $590 million in third quarter of 2010.

Stocks in the News: Pfizer, Kraft, Cadbury, Hershey

News that could affect stock prices today: Pfizer and India's Strides Arcolab reached an agreement that will expand the off-patent generic drugs in the U.S. drug maker's portfolio; Kraft's hostile takeover bid for Cadbury received conditional antitrust approval by the European Union.