J&J to record $700 million charge related to abandoned drug program

Updated: Fri, Mar 22, 2019
04:02 am
Reuters
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities

Johnson & Johnson on Thursday said https://www.sec.gov/Archives/edgar/data/200406/000020040619000016/a20190... it will record a nearly $700 million impairment charge in the first quarter of 2019 related to the abandoned development of its experimental antiviral drug, AL-8176.

The company had https://www.sec.gov/Archives/edgar/data/200406/000020040618000049/a8-k20... recorded a partial impairment charge of about $630 million related to the treatment in the third quarter last year after having suspended trials in August.

J&J added AL-8176 to its pipeline through its $1.75 billion buyout of Alios Biopharma Inc in 2014.

The drug was being developed to treat respiratory syncytial virus (RSV) and human metapneumovirus (hMPV) that cause respiratory tract infections in children and adults.

While RSV causes little more than common cold in some patients, it could lead to serious lung infections and even death in high-risk patients like babies and the elderly.

AstraZeneca Plc sells the only approved vaccine to prevent RSV in children.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.