Astellas takes $435M+ writedown on Evrenzo, hearing loss candidate and T cell therapy deal
Astellas is booking hundreds of millions of dollars in impairment losses this year after ending a TCR T cell therapy development deal, dropping a partnered candidate for hearing loss and seeing disappointing sales for its drug Evrenzo in Japan and Europe.
Astellas $ALPMY dipped a little over 2% Tuesday, closing at $14.40.
As Adaptimmune disclosed in March, Astellas and Adaptimmune have ended a 2020 agreement to develop cell therapies — and Astellas is taking an impairment loss of intangible assets of ¥4.7 billion ($35.1 million) thanks to the termination, Astellas announced Tuesday.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.