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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