Gilead Sciences (GILD) is off just under 1% out of the gate, after the company said it is scrapping Phase III trials of its prospective treatment for pulmonary fibrosis. GILD last night said it was pulling the plug on ambrisentan, citing a lack of efficacy. The decision follows Monday’s $225 million acquisition of Arresto Biosciences and AB0024, its lead drug candidate now in Phase I trials for patients with pulmonary fibrosis. A GILD spokesman told Bloomberg there was no connection between the events. Gilead Sciences is down by over 0.75% early Thursday on the news.