J&J to record $610 million charge related bermekimab

4 February 2022
johnson_big

According to a filing with the Securities and Exchange Commission, US healthcare giant Johnson & Johnson (NYSE: JNJ) has determined that it will record an intangible asset impairment charge related to an in-process research and development asset, bermekimab (JnJ-77474462), an investigational drug for the treatment of atopic dermatitis (AD) and Hidradenitis suppurativa (HS).

The company acquired all rights to bermekimab from XBiotech (Nasdaq: XBIT) in fiscal year 2020, making a cash upfront payment of $750 million to XBiotech. In addition, XBiotech became eligible to receive up to $600 million in potential milestone payments. At that time, the drug was in Phase II development.

Additional information regarding efficacy through the clinical trial became available which led the company to the decision to terminate the development of bermekimab for AD.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK

Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight





More Features in Biotechnology