The search for a cure for Alzheimer’s disease suffered a ‘heavy blow’ after Pfizer, the world’s largest drugs company, announced it was halting research efforts into finding new treatments.

The US based company is expected to cut 300 jobs globally.

It follows years of failed drugs trials for Alzheimer’s treatments which have cost the company dearly.

Dr James Pickett, Head of Research at the Alzheimer’s Society, said: “It’s disappointing to hear that Pfizer, one of the world’s leading pharmaceutical companies, will be terminating their research efforts in neuroscience, including Alzheimer’s disease drug discovery.

“This will come as a heavy blow to the estimated 46.8 million people currently living with the condition across the globe.”

However charities said there were still reasons to be hopeful that new treatments will found.