Pharma giant Pfizer to end research into drugs for Alzheimer's, Parkinson's

iStock/Thinkstock(NEW YORK) — One of the world’s largest pharmaceutical companies is ending its research into new drugs for Alzheimer’s and Parkinson’s disease.

Pfizer announced it is shuttering the company’s neuroscience program. At least 300 jobs are expected to be eliminated, primarily at facilities in Cambridge and Andover in Massachusetts, as well as Groton, Connecticut, according to Bloomberg.

The New York-based pharmaceutical giant said it will continue its support of tanezumab, a late-stage pain treatment in development with Eli Lilly & Co., and the fibromyalgia drug Lyrica.

The company said it plans to start a venture fund dedicated to neuroscience, according to Bloomberg.

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