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Lilly Sinks as Cholesterol-Lowering Pill Trial Shut Down

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INDIANAPOLIS (TheStreet) -- Eli Lilly & Co. (LLY - Get Report) is shutting down clinical development of a cholesterol-lowering pill, removing what could have been the Big Pharma's next multi-billion dollar product from its research pipeline.

In a surprise announcement Monday, Lilly said a large phase III study of evacetrapib was being discontinued because an interim analysis determined the pill was unlikely to reduce the number of deaths, heart attacks, strokes or other cardiovascular events compared to a placebo.

Lilly shares fell 10% to $77.15 in early Monday trading following the announcement that all clinical trials involving evacetrapib were being shut down.

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