BRIEF—Sumitomo Dainippon takes impairment loss over napabucasin

Japan’s Sumitomo Dainippon Pharma today announced that it will post an impairment loss for the fiscal year ending March 31, 2021.

Following a failure to meet the primary endpoints in the analysis results of the Phase III study of investigational anticancer agent napabucasin for colorectal cancer as announced on February 9, it has been decided to discontinue all of its Phase I and Phase II studies currently underway.

As a result, it will write off all of the in-process research and development for napabucasin and report an impairment loss in the amount of 26.9 billion yen ($254 million).

With the discontinued development of napabucasin, Sumitomo will post a reversal of expenses under changes in the fair value of contingent consideration in the amount of 17.5 billion yen ($165 million).