Patient deaths force Astellas to write off $540M of their $3B gene therapy buyout as timeline grows and target group shrinks
Astellas no longer believes that last year’s $3 billion acquisition is worth $3 billion.
The Japanese pharma posted a notice on its website Tuesday disclosing that they had written off $540 million after the lead gene therapy they acquired in the Audentes buyout faced tragic setbacks. Astellas said the re-appraisal came after they determined that the therapy, a one-time treatment for the rare and fatal muscle-wasting X-linked myotubular myopathy, would be approved later than they originally expected and for a smaller patient population.
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