Biogen CEO says company 'lost its way,' cuts $125M MS partnership amid declining revenue – Endpoints News
https://endpts.com/biogen-ceo-says-...s-125m-ms-partnership-amid-declining-revenue/
Biogen has given up on orelabrutinib, an BTK inhibitor for the potential treatment of multiple sclerosis, after paying $125 million for it in 2021.
“In February 2023 Biogen notified InnoCare Pharma Limited of its decision to terminate its license and collaboration agreement with InnoCare for orelabrutinib,” the company announced in its Q4 and 2022 financial update today.
Biogen paid big for the worldwide rights to develop and commercialize the drug as well as rights to indications in certain unnamed autoimmune diseases outside of China.
President and CEO Chris Viehbacher said during a call with reporters on Wednesday that recent times have been a struggle for Biogen.
“Over the last couple of years, the company has lost its way somewhat and now is in a declining revenue situation. So the first order of the day is really to restore the growth of the company,” Viehbacher said.
https://endpts.com/biogen-ceo-says-...s-125m-ms-partnership-amid-declining-revenue/
Biogen has given up on orelabrutinib, an BTK inhibitor for the potential treatment of multiple sclerosis, after paying $125 million for it in 2021.
“In February 2023 Biogen notified InnoCare Pharma Limited of its decision to terminate its license and collaboration agreement with InnoCare for orelabrutinib,” the company announced in its Q4 and 2022 financial update today.
Biogen paid big for the worldwide rights to develop and commercialize the drug as well as rights to indications in certain unnamed autoimmune diseases outside of China.
President and CEO Chris Viehbacher said during a call with reporters on Wednesday that recent times have been a struggle for Biogen.
“Over the last couple of years, the company has lost its way somewhat and now is in a declining revenue situation. So the first order of the day is really to restore the growth of the company,” Viehbacher said.