Merck ends development of Parkinson's disease drug

FILE - This May 22, 2008 file photo, shows the company logo on the doors of a building at Merck & Co. Inc. headquarters in Whitehouse Station, N.J. Drugmaker Merck & Co. has told employees it can't reach its goal of cutting up to 13,000 jobs by 2015 just by eliminating vacant jobs Tuesday, Sept. 20, 2011, so it is speeding up layoffs in the U.S. (AP Photo/Mel Evans, file)
AP/Mel Evans

WHITEHOUSE STATION, N.J. Merck & Co. says it is ending development of an experimental Parkinson's disease drug because the drug wasn't working.

Merck (MRK) says it reviewed initial data from three late-stage clinical trials and did not find evidence preladenant was more effective than a placebo.

The company says it doesn't plan to file for marketing approval of the drug. It says the decision was not related to any safety problems.

Shares of Merck rose 62 cents to $47.33 on Thursday. The stock lost 21 cents, to $47.12, in after-hours trading.