Pfizer Inc. (PFE 14.65, -0.08, -0.54%) said late Monday it suspended studies of tanezumab in the treatment of chronic back pain and diabetes on the request of the U.S. Food and Drug Administration. However, Pfizer will continue to test the drug in other areas, including treatment of cancer pain.

The FDA's request is due to concerns about side effects following reports of adverse events in osteoarthritis patients who used tanezumab. "Pfizer will continue to work with the FDA to reach a common understanding about the appropriate scope of continued clinical investigation of tanezumab," the drug giant said in a statement.