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Abbott shares fell 3.5% when it announced its partner Reata Pharmaceuticals announced it would halt a clinical study of bardoxolone methyl in patients with stage 4 chronic kidney disease and type 2 diabetes.
Reata said in a statement that the decisions was made based upon a recommendation of the Independent Data Monitoring Committee to stop the trial "for safety concerns due to excess serious adverse events and mortality in the bardoxolone methyl arm."