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Zafgen to scrap lead obesity drug, shares slide

(Reuters) – Zafgen Inc said it was suspending the development of its lead obesity drug, beloranib, more than six months after the U.S. Food and Drug Administration asked the company to halt all tests on the drug following the death of two patients. Zafgen’s shares tumbled more than 40 percent in extended trading on Tuesday after the company also said it would reduce its workforce by about 34 percent to 31 employees by December. The FDA has approved drugs made by Vivus Inc, Orexigen Therapeutics Inc and Arena Pharmaceuticals Inc in the past few years, but asked for additional studies to check for safety of these drugs.

China to consolidate drug market, promote traditional medicines

China plans to consolidate its huge and fragmented drug market and will support a greater role for traditional Chinese medicines (TCM), the central government said in a statement on Sunday following a meeting of the State Council. China will also strengthen safety controls and traceability of domestic drugs, the statement said, part of an ambitious program of healthcare reforms to improve home-made medicines and reduce reliance on generic and more innovative drugs from overseas. “Accelerating the development of our domestic drug industry will better serve our people's healthcare needs, help build a healthier China and unleash economic growth potential,” the statement posted on the central government website said.