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Eli Lilly (LLY) Stock Falling, Halts Heart Disease Drug Development

NEW YORK (TheStreet) -- Eli Lilly (LLY - Get Report) stock is sliding by 7.65% to $79.55 in mid-morning trading on Monday, on the discontinuation of the company's heart disease drug development.

The drug maker expects a record fourth-quarter charge of as much as $90 million, or 5 cents per share, after halting its late-stage trial of the cholesterol drug evacetrapib, according to a statement. The trial was in Phase 3 development, which is the final phase before a drug can be submitted for Food and Drug Administration approval, USA Today reports.

An independent data-monitoring committee recommended the company terminate trials due to "insufficient efficacy" of the drug, Eli Lilly said in a statement.

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The Indianapolis-based company is not conducting any other late-stage trials of cardiovascular drugs, which is one of its seven focus areas, according to Reuters.

"We're obviously disappointed in this outcome, as we hoped that evacetrapib would offer an advance in treatment for people with high-risk cardiovascular...