Reuters reported that Pfizer Inc (NYSE:PFE) said it would not run any new clinical trials in Russia and would stop recruiting for existing trials there.
Pfizer said it would work with the FDA and other regulators to transition all clinical trials to alternative sites outside Russia. It will continue providing drugs to the patients already enrolled in studies.
A voluntary pause in the flow of medicines to Russia would be "in direct violation of our foundational principle of putting patients first," Pfizer said. "Ending delivery of medicines, including cancer or cardiovascular therapies, would cause significant patient suffering and potential loss of life," Pfizer added.
The sanctions, which leave out medicine and medical equipment, have cut off Russian banks from the international financial system, disrupting the movement of goods into the country.
Pfizer also said that it would donate all profits from its unit in the country to causes that provide support to the people of Ukraine.
Pfizer's CEO, Albert Bourla, said the Company would halt its investments in Russia just days ago.
Price Action: PFE shares are up 3.50% at $52.03 during the market session on the last check Monday.
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