Allergan chief Saunders takes a painful $2.5B hit on an ugly PhIII flop

Now that Allergan chief Brent Saunders has stared down the activists — for now, anyway — the company is back with a $2.5 billion writedown for their failed depression drug rapastinel. The move spiked its net loss to $2.41 billion, or $7.25 a share $AGN — up from a loss of 99 cents a share for the same period a year ago.