I thought I would add this table from a recent paper in Nature Drug Reviews (https://sci-hub.tw/10.1038/nrd4609). You can see that rationalisation of the company portfolio is a very common reason for a drug to be dropped. If you add on “commercial” then almost a third of drugs were dropped for no clinical reason.
Probably the most interesting section on this table is the drugs that made it to Phase II. For drugs that were safe and effective almost the only reason they were dropped was for commercial or portfolio reasons.
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