Bayer, the German-listed pharmaceutical group, said it had failed to meet the objectives of clinical trials for its pneumonia drug Amikacin Inhale.
Shares were down by around 0.5% in early trading on Friday.
Amikacin Inhale disappointed expectations and did not exhibit superiority over a placebo in phase 3 clinical trials. The drug failed to meet both the primary and secondary objectives of the study.
Amikacin Inhale combines a version of the antibiotic amikacin with an inhalation system pioneered by Nektar Therapeutics to deliver the drug to patients’ lungs.
Bayer has been developing the Amikacin Inhale programme in partnership with Nektar.