Mathai Mammen, head of R&D for J&J’s Janssen unit (Rob Tannenbaum)

J&J takes a $610M hit as top PhI­II prospect goes up in flames af­ter atopic der­mati­tis study fails

Back in late 2019, Math­ai Mam­men’s crew stepped off the beat­en biotech track to make an un­like­ly deal, buy­ing out a Phase III ready an­ti-in­flam­ma­to­ry drug from a hard luck biotech crew that had turned up some com­pelling mid-stage da­ta on a drug called bermekimab. They paid $750 mil­lion cash to get it done, and lat­er tout­ed its po­ten­tial by putting the drug on its list of top prospects in the pipeline.

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