Bio­gen shrugs off $1B-plus gene ther­a­py pact af­ter PhI/II im­plo­sion — AGTC shares crater

More than 3 years af­ter Bio­gen $BI­IB front­ed their $1 bil­lion-plus pact with Flori­da-based biotech AGTC with $124 mil­lion in cash to build their new gene ther­a­py unit, the Boston-based biotech is bail­ing on the pact in­volv­ing rare eye dis­eases.

Ap­plied Ge­net­ic Tech­nolo­gies Cor­po­ra­tion says their Phase I/II tri­al for rAAV2tYF-CB-hRS1, de­signed to cure X-linked retinoschi­sis due to mu­ta­tions in the RS1 gene, was a flop. There were no signs of clin­i­cal ac­tiv­i­ty at 6 months.

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