Global pharmaceutical giant Merck revealed that clinical trials have shown its drug is not effective in reducing the risk of heart attack despite lowering cholesterol.
The drug, known as Tredaptive, does manage to lower bad cholesterol and raise good cholesterol levels and is currently used in more than 40 countries though it is not available in the United States.
Merck conducted a four-year long study involving more than 25,000 volunteers and found that the drug did not reduce the risk of heart attacks.
The company revealed that it will be recommending doctors not to prescribe the drugs for new patients and added that it will be working closely with regulatory agencies to determine what its next step should be. Tredaptive generated over $13 million for Merck over the first three quarters of the year and shares of the company fell by 3.4 percent in Thursday's trading.