almorexant

Actelion, Europe's largest biotech company, said it was discontinuing the development of its sleeping pill almorexant on safety grounds, after viewing the medicine as a potential multi-billion dollar blockbuster.

Business Watch

It has, however, come under pressure in 2010 after a series of drug development failures such as bringing sleeping pill almorexant to market.

Proposed Actelion Board Calls for Cuts

After Actelion's drug setbacks, including almorexant and the failure to extend the use of Tracleer, companies such as Amgen Inc. and drug-development partner GlaxoSmithKline were expected to bid for the Swiss firm.

Defending his Actelion Strategy

Last year, GlaxoSmithKline PLC and Actelion Ltd. dropped development of another orexin receptor antagonist, almorexant, amid questions about that compound's safety and tolerability.

Merck to File Insomnia Drug Application

Actelion's troubles started in 2010 when the company had to discontinue research on its sleeping pill, almorexant, which the market had expected to become a potential blockbuster drug with more than $1 billion in annual sales.

Actelion Shareholders Back Board

Most of the share-price-fall came after Actelion discontinued development of sleeping pill almorexant because of side effects.

Defending his Actelion Strategy

But recent trial failures, including sleeping medicine almorexant, have undermined investor trust.

Actelion Resists Overhaul Plan

Attempts to repeat this feat with drugs such as sleeping pill almorexant, however, failed.

Actelion Makes Board Move

Glaxo will pay Actelion, of Switzerland, 150 million Swiss francs ($147.6 million) upfront and then as much as 3.15 billion francs if the experimental sleeping pill, almorexant, makes it to market for three uses and hits "exceptional" sales targets, the companies said.

Glaxo Gives Actelion

Seven of the 10 largest drug companies competed for the rights to almorexant, an Actelion spokesman says.

Glaxo Gives Actelion