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Abbvie to record $4 billion impairment charges on Stemcentrx assets


Abbvie to record $4 billion impairment charges on Stemcentrx assets

The drugmaker acquired Rova-T through its $5.8 billion acquisition of Stemcentrx in 2016, as it aimed to enter the broad and lucrative arena of solid tumours and lessen dependence on its blockbuster arthritis treatment Humira.

United States: Abbvie Inc on Friday said it will record an estimated $4 billion in impairment charges related to the scrapping of its development program of Rova-T, an investigational cancer therapy.

The drugmaker acquired Rova-T through its $5.8 billion acquisition of Stemcentrx in 2016, as it aimed to enter the broad and lucrative arena of solid tumours and lessen dependence on its blockbuster arthritis treatment Humira.

Read Also: AbbVie stops enrollment for a late-stage trial of Rova-T

In December, Abbvie halted enrollment for a late-stage trial of Rova-T as second-line therapy for advanced small-cell lung cancer, following recommendations made by an independent data monitoring committee.

Abbie said it will monitor a remaining $1 billion of intangible assets for further impairment. It added that it will continue to evaluate other Stemcentrx-related clinical development programs.

Read Also: Lupin and AbbVie announces the partnership to develop, commercialize Novel Oncology Drug



Source: Reuters
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