MarketWatch.com - MarketPulse
BOSTON (MarketWatch) -- Shares of Altus Pharmaceuticals plunged 40% to $5.91 early Thursday, following news that Genentech Inc. is pulling out of a development pact for Altus' human growth hormone product ALTU-238. The product, which is in Phase II testing, employs Altus' proprietary drug delivery technology. According to a statement released late Wednesday, Genentech has decided to return North American commercialization rights to Altus. An option for Genentech to sell the product abroad has expired. Despite the setback, Altus said it plans to resume clinical testing of the therapy in mid-2008, and will update investors on its development plan during the first quarter.
SFGate: Business & Technology
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