When Alexion bought out Synageva in an $8.4 billion deal a little less than two years ago, the big attraction was Kanuma, a rare disease drug that went on to an approval. But there was one notable pipeline therapy, SBC-103 for rare cases of Sanfilippo B, that drew some attention for the valuation.
Until today. Alexion said in its 2016 review that it is stopping work on SBC-103, a recombinant form of the NAGLU enzyme, taking an $85 million write-off. Here’s the burial announcement:
In February 2017, Alexion decided to reduce its investment in SBC-103. Patients currently enrolled in the Phase 1/2 trial will continue to receive SBC-103, and no additional Alexion studies are planned. Alexion will reassess the value of this asset on a go forward basis.
There’s no immediate word on what prompted the decision to shelve the drug. And analysts were left calculating what Synageva would be worth after Alexion’s setback and the latest figures on Kanuma’s early sales results.
— Maxim Jacobs, CFA (@MaxJacobsEdison) February 16, 2017
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