J&J to record $610 million charge related bermekimab
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.
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