ARYx Therapeutics falls 18% after Procter & Gamble ends collaboration

Shares of ARYx Therapeutics Inc. (Nasdaq:ARYX) dropped more than 18% Thursday after the biopharmaceutical company announced late Wednesday that consumer goods giant The Procter & Gamble Company (NYSE:PG) had ended its collaboration with ARYx. The companies had been working on the development of a drug for chronic stomach problems. The drug, ATI-7505, was in late-stage development when Procter & Gamble exercised its option to end the partnership. ARYx said that patients currently involved in the study will be taken off the treatment during the next few weeks, and no new patients will be added.

Shares of Fremont, Calif.-based ARYx slipped more than 18% Thursday to $5.35 apiece, about $1.22 lower than Wednesday’s close.

For detailed price information and recent news stories on ARYx Therapeutics Inc., click ARYX. For information on The Procter & Gamble Company, click PG.

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