After FDA hold and trial failure, Ipsen writes down its big acquisition — but they're not giving up
Nearly a year ago, at the same time Roche shelled out $4.3 billion on Spark Therapeutics, Paris-based Ipsen bought its own billion-dollar acquisition: Clementia and their late-stage program for a pair of rare bone diseases.
Since then, the results have not been great, either for the drug or for Ipsen. And today, the company reported in its yearly earnings that it has taken a €669 million ($728 million) partial impairment on the drug, known as palovarotene. The company had spent $1.3 billion to acquire the drug.
Keep reading Endpoints with a free subscription
Unlock this story instantly and join 90,400+ biopharma pros reading Endpoints daily — and it's free.