Allergan's $639M Vitae buyout is a bust. R&D writes off their psoriasis program as a complete loss
Allergan’s $639 million buyout of Vitae is a bust.
The biopharma group $AGN reported this morning that it is writing off the Phase II development RORyT program delivered by the Vitae buyout. The acquisition deal for their IL-17 psoriasis drug in the fall of 2016 had raised some eyebrows at the time, bringing with it a huge premium as Allergan CEO Brent Saunders paid $21 a share, far ahead of the $8.10 price the biotech had at the time.
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