Biogen CEO says company 'lost its way,' cuts $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.