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June 12, 2018 6:01 a.m. ET
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AstraZeneca PLC and Eli Lilly & Co. on Tuesday scrapped two late-stage trials of an experimental Alzheimer’s drug they were co-developing, the latest blow in the long quest to find a breakthrough for the memory-robbing disorder.

The companies said the decision was taken after an independent data monitoring committee concluded that trials associated with lanabecestat, the experimental drug, wouldn’t achieve their original goals. The companies said the treatment wasn’t working as well as they had hoped and ending the trials wasn’t a result of any safety concerns.

An AstraZeneca spokesman said the two will continue to jointly pursue an early-stage trial of another experimental Alzheimer’s drug. Lilly separately has other Alzheimer’s compounds in clinical trials, according to a company spokeswoman.