Poor sales and pandemic blamed for Lumoxiti U-turn
Shares in French biotech Innate Pharma (Euronext: IPH) dropped 20% on Friday morning, after the firm announced it was handing back US and European Union commercialization rights for Lumoxiti (moxetumomab pasudotox-tdfk).
UK pharma major AstraZeneca (LSE: AZN) out-licensed the Food and Drug Administration-approved product, an antibody-drug conjugate, to Innate in October 2018.
AstraZeneca has continued to pursue a broad commercialization strategy, submitting for marketing authorization in Europe in late 2019.
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