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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